Livestock

Table of Contents
Rpt. 63005827 THE UNITED INDIA INSURANCE COMPANY LIMITED - MERGERS & ACQUISI 2 - 77
22-Sep-2018 MARKETLINE - COMPANY RESEARCH
- DATAMONITOR INDEPENDENT RESEARCH
Rpt. 63007113 THE ORIENTAL INSURANCE COMPANY LTD. - MERGERS & ACQUISITIONS ( 78 - 116
Rpt. 62363893 GENERAL INSURANCE CORPORATION OF INDIA - MERGERS & ACQUISITION 117 - 234
Rpt. 62364275 RELIANCE GROUP - MERGERS & ACQUISITIONS (M&A), PARTNERSHIPS & 235 - 278
Rpt. 62369890 EDELWEISS FINANCIAL SERVICES LTD 279 - 397

Rpt. 62371048 IFCI LTD 398 - 549

Rpt. 65642391 AGRICULTURE-HIGHLIGHTS FROM NABARD’S 3-YEARLY SURVEY 550 - 565

27-Aug-2018 IIFL
- AKELLA, ABHIJIT, ET AL
Rpt. 64756985 NATIONAL INSURANCE COMPANY LTD 566 - 578

08-May-2018 TIMETRIC COMPANY PROFILE
- TIMETRIC DEPARTMENT, ET AL
Rpt. 64921245 UNITED INDIA INSURANCE CO LTD 579 - 599

04-May-2018 TIMETRIC COMPANY SWOT
- TIMETRIC DEPARTMENT, ET AL
These reports were compiled using a product of Thomson Reuters www.thomsonreuters.com
1
MarketLine Financial Deals
Vendor, acquirer, target and partner report for The United India Insurance Company Limited
and its subsidiaries. Includes Mergers & Acquisitions, Private equity, Venture capital, Joint
ventures, Alliances and Investments
The United India Insurance Company Limited –

Mergers & Acquisitions (M&A), Partnerships &
Alliances and Investments
REFERENCE CODE: 5FD038C4-82CA-4015-BAEE-E3C3D5BC8917

PUBLICATION DATE: September 2018
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
2
COMPANY OVERVIEW AND KEY FACTS
THE UNITED INDIA INSURANCE COMPANY LIMITED
The United India Insurance Company Limited (UIIC) is a general insurance provider. It offers a range of personal and
commercial general insurance products. The company’s personal insurance solutions include motor insurance, fire
insurance, health insurance, liability insurance, micro insurance, credit insurance, home insurance, personal accident
insurance, and travel insurance. Its commercial policies include fire insurance policies, marine policies, motor
insurance, industry equipments insurance. It also offers accident and hospitalization policies; social policies, rural
policies, travel policies, package policies, and business policies. In addition, the company provides advisory and
brokerage services. It has presence across various cities in India. UIIC is headquartered at Chennai, India.
The company reported gross premium income of INR106,917.3 million in FY2015, compare to INR97,089.3 million in
FY2013, representing an annual increase of 10.1%. The net earned premium of the company was INR88,162.3
million in FY2015, compare to INR76,033 million in FY2014, representing an annual increase of 16%.
Key facts
Address 24, Whites Road
State Tamil Nadu
Country India
The United India Insurance Company Limited– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
Telephone 91 44 28520161
Website www.uiic.co.in
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
3
The United India Insurance Company Limited activity by deal The United India Insurance Company Limited M&A activity by
type - volume (trailing twelve months (TTM)) geography (TTM)
Source: Financial Deals MARKETLINE Source: Financial Deals MARKETLINE
Deal type Volume Geography Volume
Acquisition 1 North America -
Capital raising 1 Europe -
Corporate venturing - Asia-Pacific 1
Divestments - Middle East and Africa -
Partnership - South and Central America -
Private equity -
The United India Insurance Company Limited activity by deal The United India Insurance Company Limited M&A average
type - volume (2014-YTD2018) deal size - value ($m)
Deal type 2014 2015 2016 2017 2018 Year Number of deals Average deal size ($m)
Acquisition (ACQ) - - - - 1 2014 - -
Capital raising - - - 1 1 2015 - -
(CR) 2016 - -
2017 - -
2018 1 -
Note: Zero deal value indicates transactions with undisclosed deal values
4
TOP DEALS IN (2014 -YTD2018)
Deal value
Target/Partner (Country) Announcement date Deal status Deal Type
($m)
The United India Insurance Company Limited Private

Feb 7, 2018 Completed 139.86
(India) placement
5
TABLE OF CONTENTS
TABLE OF CONTENTS
COMPANY OVERVIEW AND KEY FACTS ............................................ 2
TABLE OF CONTENTS .......................................................................... 5
LIST OF TABLES .................................................................................... 6
LIST OF FIGURES .................................................................................. 6
TARGETS AND PARTNERS .................................................................. 7
MERGERS & ACQUISITIONS ................................................................ 8

Mergers and Acquisitions – Overview ............................................................................................... 8
Mergers and Acquisitions – Deal reports .......................................................................................... 9
CORPORATE VENTURING .................................................................. 12
Corporate Venturing – Deal reports ................................................................................................. 12
PARTNERSHIP ..................................................................................... 19
Partnership – Deal reports ................................................................................................................ 19
CAPITAL RAISING ............................................................................... 21

Capital Raising – Overview ............................................................................................................... 21
Capital Raising – Deal reports .......................................................................................................... 22
Divestments – Deal reports ............................................................................................................... 51
APPENDIX............................................................................................. 66
Contact Us ......................................................................................................................................... 66
About MarketLine Financial Deals Database ................................................................................... 66
Deal Definition and Methodology ..................................................................................................... 68
About MarketLine ............................................................................................................................... 75
6
TABLE OF CONTENTS
LIST OF TABLES
Table 1: The United India Insurance Company Limited M&A volume and value trend (2014-YTD2018) 8
Table 2: The United India Insurance Company Limited M&A activity by geography (2014-YTD2018) 8
Table 3: The United India Insurance Company Limited capital raising volume and value trend (2014-
YTD2018) 21
Table 4: The United India Insurance Company Limited capital raising by deal type (2014-YTD2018) 21
LIST OF FIGURES
Figure 1: The United India Insurance Company Limited M&A volume and value trend (2014-YTD2018) 8
Figure 2: The United India Insurance Company Limited M&A activity by geography (2014-YTD2018) 8
Figure 3: The United India Insurance Company Limited capital raising volume and value trend (2014-
YTD2018) 21
Figure 4: The United India Insurance Company Limited capital raising by deal type (2014-YTD2018) 21
7
TARGETS AND PARTNERS

The United India Insurance Company Limited targets and partners (2014 -YTD2018)
The United India Insurance Company Limited-

Deal Date Deal type Deal value ($m)
Target/Partner name
National Insurance Company Limited (India) Feb 1, 2018 Merger -
The Oriental Insurance Company Ltd. (India) Feb 1, 2018 Merger -
8
MERGERS & ACQUISITIONS

Mergers and Acquisitions – Overview
Figure 1: The United India Insurance Company Limited M&A Figure 2: The United India Insurance Company Limited M&A
volume and value trend (2014-YTD2018) activity by geography (2014-YTD2018)
Table 1: The United India Insurance Company Limited M&A Table 2: The United India Insurance Company Limited M&A
Year Volume Value ($m) Geography Volume
2014 - - North America -
2015 - - Europe -
2016 - - Asia-Pacific 1
2017 - - Middle East and Africa -
2018 1 - South and Central America -
9
Mergers and Acquisitions – Deal reports
Deal Report: Oriental Insurance Company and National Insurance to Merge with United
India Insurance
Deal in brief
Oriental Insurance Company Ltd., a provider of general insurance services, and National Insurance
Company Limited., a provider of general insurance for urban and rural customers, to merge with United
India Insurance Co. Ltd., a provider of non-life insurance products and services. All the companies are
based in India.
Upon completion, the merged entity will be listed in stock exchange.
Target 1 The Oriental Insurance Company Ltd.
Target 2 National Insurance Company Limited
Target 3 The United India Insurance Company Limited
Deal status Announced
Deal category Merger
Date of announcement Feb 01, 2018
Company information: Target
Target 1: The Oriental Insurance Company Ltd.
Company type Private
The Oriental Insurance Company (Oriental Insurance)

provides various general insurance services in the urban and
rural areas of India. The company designs insurance
coverage for projects, including power plants, petrochemical,
steel and chemical plants. Oriental Insurance operates in
Business description
over 31 regional offices and more than 1,800 operating
offices in the cities of India. It also has overseas operations
in Nepal, Kuwait and Dubai. Oriental Insurance is
headquartered in New Delhi, India.
Financial Services-->General Insurance, Property and

Casualty
Casualty
Industry
Casualty-->Commercial Insurance
Casualty-->Commercial Insurance-->MAT
Financial Services-->General Insurance, Property and 9
10
Casualty-->Personal Insurance
Address Oriental House, A 25 27 Asaf Ali Road
City New Delhi
State Delhi
Country India
Website www.orientalinsurance.org.in
Phone number 91 11 43659595
Target 2: National Insurance Company Limited
National Insurance Company Limited (NIC) is an insurance

company. The company’s products portfolio includes motor
insurance, health insurance, rural insurance, commercial
insurance, and industrial insurance. Its personal insurance
products include individual personal accident insurance,
householders insurance, and Janata personal accident
insurance. NIC’s rural insurance products comprise livestock
insurance, sheep and goat insurance, elephant insurance,
dog insurance, brackish water prawn insurance, silkworm
insurance, plantation insurance, and Kisan agriculture
pumpset insurance. The company also offers industrial risk
insurance, machinery insurance, electronic equipment
insurance, commercial risk insurance, workmen
compensation insurance, product liability insurance, and
public liability insurance. It has operations in Guwahati,
Hyderabad, Bangalore, Dharwad, Kolar, Gurgaon, Delhi, and
Naraina, India. NIC is headquartered in Kolkata, West
Bengal, India.

Casualty
Casualty
Casualty-->Personal Insurance-->Accident and Health
Financial Services-->Life and Pensions
Industry
Casualty-->Commercial Insurance-->Motor
Casualty-->Commercial Insurance-->Property
10
11

Casualty-->Personal Insurance-->Niche Lines
Casualty-->Commercial Insurance-->Liability
Casualty-->Personal Insurance-->Motor
Casualty-->Personal Insurance-->Property
Government and Non-Profit Organisations-->Governmental
Organizations
Address 3 Middleton Street, Prafulla Chandra Sen Sarani
City Kolkata
State West Bengal
Country India
Website www.nationalinsuranceindia.com
11
12
CORPORATE VENTURING
CORPORATE VENTURING
Corporate Venturing – Deal reports
Deal Report: Reliance – Anil Dhirubhai Ambani Group to invest INR80,000 million in
Reliance Energy
Deal in brief
Reliance – Anil Dhirubhai Ambani Group (Reliance ADA Group) has agreed to infuse new equity capital of
up to INR80,000 million ($2,018.67 million) into its power utility company Reliance Energy Limited. The new
equity capital infusion is proposed through a preferential offer of equity shares and/or equity related
securities at a price of INR1,812 ($45.72) per share.
Life Insurance Corporation of India, New India Assurance Co., Ltd., The Oriental Insurance Company
Limited, General Insurance Corporation of India, National Insurance Company Limited and United India
Insurance Company Limited have also been provided an opportunity to participate in the proposed offering
on the same terms and conditions.
Target Reliance Energy Limited
Acquirer 1 Reliance Group
Acquirer 2 The United India Insurance Company Limited
Acquirer 3 The Oriental Insurance Company Ltd.
Acquirer 4 New India Assurance Co., Ltd.
Acquirer 5 General Insurance Corporation of India
Acquirer 6 Life Insurance Corporation of India
Acquirer 7 National Insurance Company Limited
Deal value (estimated) ($m) 2,000
Deal category Private placement
Offer price ($) 45.72
Offer price (Indian Rupee) (m) 1,812
Date of announcement Dec 02, 2007
Deal rationale
The new equity capital will substantially enhance Reliance Energy's net worth, and further augment its
borrowing capabilities, to enable greater participation in these growth opportunities in high growth areas. 12
13
CORPORATE VENTURING
Deal financials
Valuation multiples (Reliance Energy Limited)
EV/Revenues 2.41
EV/Operating profit 14.15
EV/EBITDA 11.09
EV/Total assets 1.03
Bid premium (Reliance Energy Limited)
Bid premium (%) 5
Security type information
Security type Common stock
Company information: Target and acquirer
Target: Reliance Energy Limited
Reliance Energy Limited is an integrated power utility

company enagaged in the generation, transmission,
distribution, and trading of power in India. It operates gas,
coal, wind, and hydro-based power generation projects with
aggregate capacity of approximately 13,510 megawatts. The
company is headquartered at Maharashtra, India.
Energy and Utilities

Energy and Utilities-->Commodity-->Power
Energy and Utilities-->Utilities-->Power Generation
Energy and Utilities-->Utilities-->Power Generation--
>Renewables-->Wind
Energy and Utilities-->Natural Resources-->Upstream
Energy-->Exploration
Industry Energy and Utilities-->Utilities-->Utilities Networks--
>Distribution
Energy and Utilities-->Utilities-->Utilities Networks--
>Transmission
Energy-->Equipment and Services
Energy
Energy and Utilities-->Natural Resources-->Upstream 13
14
CORPORATE VENTURING
Energy-->Production
Address Reliance Energy centre, Santacruz (East)
City Mumbai
State Maharashtra
Country India
Website www.rel.co.in
Financial information – (Fiscal year 31-Mar-2007)
Financial parameters Indian Rupee (INR) (m) ($m)
Revenues 65,841.10 1,516.32
Operating profit 11,226.92 258.56
EBITDA 14,330.78 330.04
Post tax profit 8,014.50 184.57
Key ratios
Operating margin (%) 17.05
Acquirer 1: Reliance Group
Reliance Group is a privately-held industrial conglomerate

engaged in providing services that range from
communications and financial services, to generation,
transmission and distribution of power, infrastructure and
entertainment. The group operates through its subsidiaries,
Reliance Capital Limited, Reliance Communications Limited,
Reliance Infrastructure, Reliance Entertainment and
Reliance Power Limited. Reliance Group operates in Asia
Pacific, Africa, the Americas and Europe. It is headquartered
in Mumbai, India, and employs around 1,00,000 people.
General Business-->Industrial Conglomorates

Transport and Logistics-->Passenger Transportation-->Road
Industry
Construction and Real Estate
Financial Services
Aerospace and Defense-->Naval Ships
Address Nariman Point, Mumbai 400 021
Country India
Website www.relianceadagroup.com
Phone number 91 22 2278 5000
14
15
CORPORATE VENTURING
Acquirer 3: The Oriental Insurance Company Ltd.


Casualty
Casualty
Industry Casualty-->Commercial Insurance
City New Delhi
State Delhi
Country India
Acquirer 4: New India Assurance Co., Ltd.
New India Assurance Co., Ltd. provides nonlife insurance

services in India. It offers personal, commercial, industrial,
liability, social, and credit insurance services. The company
operates in India through a ntwork of 26 regional offices, 393
divisional offices, 614 branches and 34 direct agent
branches. New India Assurance Co. also operates operates
in 24 countries with a network of 19 branches, 12 agencies,
2 associate companies and 2 subsidiary companies.
Financial Services
Industry
Casualty
Address 87 Mahatma Gandhi Road
City Mumbai 15
16
CORPORATE VENTURING
Country India
Website www.niacl.com
Phone number 91 22 2267 461
Acquirer 5: General Insurance Corporation of India
Company type Public
General Insurance Corporation of India (GIC) is engaged in

providing reinsurance services to the general insurers in
India. Its reinsurance portfolio includes oil and energy,
Business description aviation, fire, marine cargo and hull, agriculture and credit,
among others. The company operates in India, the UK, the
UAE, Malaysia, South Africa and Russia. It is headquartered
in Mumbai, India.
Financial Services
Casualty
Casualty
Industry Financial Services-->Reinsurance
Financial Services-->Reinsurance
Financial Services-->Reinsurance-->Marine
Financial Services-->Reinsurance-->Other
Financial Services-->Financial Services Distributors--
>Insurance Brokers and Intermediaries
Financial Services-->Retail Banking and Lending
Address Suraksha, 170 Jamshedji Tata Road
Country India
Website www.gicofindia.com
Phone number 91 22 2286 7000
Acquirer 6: Life Insurance Corporation of India
The Life Insurance Corporation of India (LIC) is a life

insurance company in India. Its offers various products
which include insurance plans, pension plans, unit plans,
special plans, and group schemes.
Industry Financial Services-->Life and Pensions-->Pensions

Financial Services-->Life and Pensions-->Life and Protection
Central Office, 'Yogakshema',Jeevan Bima Marg, Jeevan

Address
Bima Marg
City Mumbai
State Maharashtra
16
17
CORPORATE VENTURING
Country India
Website www.licindia.com
Acquirer 7: National Insurance Company Limited

Bengal, India.

Casualty
Casualty
Industry
17
18
CORPORATE VENTURING

Organizations
City Kolkata
State West Bengal
Country India
18
19
CORPORATE VENTURING
PARTNERSHIP
Partnership – Deal reports
Deal Report: Tata Motors partners with United India Insurance Company
Deal in brief
Tata Motors Limited, a manufacturer of medium and heavy commercial vehicles, has entered into a
partnership agreement with United India Insurance Company Limited, a general insurance company, to
offer insurance for the Tata Nano at a rate of 2.76% of the ex-showroom price of the car. Both the
companies are based in India.
Tata Nano is a passenger car manufactured by Tata Motors.
Partner 1 The United India Insurance Company Limited
Partner 2 Tata Motors Limited
Deal status Completed
Deal category Partnership
Deal sub-category Co-marketing
Date of completion Apr 08, 2009
Company information: Partners
Partner 1: Tata Motors Limited
Company type Public
Stock exchange BOM(Bombay Stock Exchange)
Ticker symbol 500570
Tata Motors Limited (Tata Motors or 'the company') is an

automotive manufacturing company engaged in the
development, design, manufacture and assembly, sale, and
financing of vehicles, as well as sale of auto parts and
accessories. The company primarily operates in India,
China, South Korea, South Africa, Thailand, Indonesia,
Singapore, Spain, and the UK. The company is
headquartered in Mumbai, India.
Automotive
Automotive-->Parts, Tires and Aftermarket
Industry Automotive-->Vehicle Manufacturing-->Automobiles
Automotive-->Vehicle Manufacturing-->Commercial
Vehicles-->Bus and Coach
Automotive-->Vehicle Manufacturing-->Commercial 19
20
CORPORATE VENTURING
Vehicles-->Light Commercial Vehicles

Automotive-->Vehicle Manufacturing-->Commercial
Vehicles-->Trucks
Address Bombay House, 24, Homi Mody Street
City Mumbai
State Maharashtra
Country India
Website http://www.tatamotors.com/
20
21
CAPITAL RAISING
CAPITAL RAISING
Capital Raising – Overview
Figure 3: The United India Insurance Company Limited Figure 4: The United India Insurance Company Limited
capital raising volume and value trend (2014-YTD2018) capital raising by deal type (2014-YTD2018)
Table 3: The United India Insurance Company Limited capital Table 4: The United India Insurance Company Limited capital
raising volume and value trend (2014-YTD2018) raising by deal type (2014-YTD2018)
Year Volume Value ($m) Deal Type Volume
2014 - - Public offering 1
2015 - - Private placement 1
2016 - -
2017 1 -
2018 1 139.86
21
22
CAPITAL RAISING
Capital Raising – Deal reports
Deal Report: United India Insurance Raises USD139.86 Million in Bonds Offering
Deal in brief
United India Insurance Co. Ltd., an India-based provider of non-life insurance products and services, has
raised INR9 billion (USD139.86 million) in a subordinated debt offering.
The issued bonds bear an interest rate of 8.25%, for a 10-year period with a call option after five years.
United India Insurance had generated a net loss of INR9.14 billion (USD142.82 million) for the year ended
March 2017.
Target The United India Insurance Company Limited
Acquirer Undisclosed Investor(s)
Deal value ($m) 139.86
Deal value (Indian Rupee)(m) 9,000
Date of completion Feb 07, 2018
Security type Debt
Acquirer: Undisclosed Investor(s)
Pharmaceuticals and Healthcare-->Medical Devices and

Diagnostics-->Ophthalmic Devices
Industry Pharmaceuticals and Healthcare-->Medical Devices and
Diagnostics-->Diagnostic Devices and Imaging
Diagnostics-->Cardiovascular Devices
22
23
CAPITAL RAISING

Diagnostics-->Orthopedic Devices
Diagnostics-->Renal, Urology and Reproductive Devices
Pharmaceuticals and Healthcare-->Pharmaceuticals--
>Manufacturing Services and Outsourcing
Diagnostics-->CNS and Neurological Devices
Diagnostics-->Hematological Devices and Blood Products
Diagnostics-->Dental
Pharmaceuticals and Healthcare-->Healthcare-->Healthcare
Information Technology
Diagnostics
Diagnostics-->Endoscopy
Diagnostics-->Respiratory and Anesthesia Devices
Diagnostics-->Surgical and Medical Equipment
Diagnostics-->Patient Monitoring Equipment
Diagnostics
Diagnostics
Diagnostics
Pharmaceuticals and Healthcare-->Medical Devices and 23
24
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics-->Disposable Medical Products
Diagnostics
Diagnostics
Diagnostics-->Scientific and Technical Instruments
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Diagnostic Devices and Imaging 24
25
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
26
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Patient Monitoring Equipment 26
27
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Pharmaceuticals and Healthcare-->Healthcare-->Healthcare 27
28
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics-->CNS and Neurological Devices 28
29
CAPITAL RAISING

Diagnostics
Diagnostics
30
CAPITAL RAISING

Diagnostics
Diagnostics-->Endoscopy 30
31
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
32
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
33
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
>Manufacturing Services and Outsourcing-->Packaging
Diagnostics
Diagnostics
Diagnostics
Diagnostics
34
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Respiratory and Anesthesia Devices 34
35
CAPITAL RAISING

Diagnostics
Diagnostics
36
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
37
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
38
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Biomaterials and Tissue Regeneration 38
39
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
40
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
41
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
42
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics 42
43
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
44
CAPITAL RAISING

Diagnostics
45
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Pharmaceuticals and Healthcare-->Healthcare
Diagnostics-->Cardiovascular Devices 45
46
CAPITAL RAISING

Diagnostics
Diagnostics
47
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Surgical and Medical Equipment 47
48
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
48
49
CAPITAL RAISING
Deal Report: Government of India to divest 25% stake in United India Insurance
Deal in brief
According to Moneycontrol, The Government of India (GOI) has agreed to divest a 25% stake in United
India Insurance Company Limited, an India-based general insurance company, through listing the company
on stock exchanges. The listing will be either by fresh equity or offer for sale.
Concurrently, GOI has agreed to sell a 25% stake in each of New India Assurance Co., Ltd., The Oriental
Insurance Company Ltd., National Insurance Company Limited and General Insurance Corporation of
India.
Target The United India Insurance Company Limited
Seller/Vendor Government of India
Deal category IPO
Deal sub-category Filing , ipo
% to Public 25
Date of announcement Jan 18, 2017
Company information: Target and seller/vendor
Vendor: Government of India
Government and Non-Profit Organisations

Organizations
Pharmaceuticals and Healthcare-->Therapy Area--
>Cardiovascular and Diabetes
Pharmaceuticals and Healthcare-->Therapy Area-->Central
Nervous System
>Infectious Diseases
Industry
>Cardiovascular and Diabetes-->Diabetes and
Endocrinology
>Genitourinary and Osteoporosis-->Women's Health
Energy and Utilities-->Utilities-->Power Generation-->Fossil
Fuels
Environmental and Waste Management Services-->Sewage
Treatment Facilities
Construction and Real Estate-->Heavy Construction 49
50
CAPITAL RAISING
Construction and Real Estate-->Real Estate Transactions

Transport and Logistics-->Transport Infrastructure--
>Highway Operators
Transport and Logistics-->Transport Infrastructure
Transport and Logistics-->Transport Infrastructure-->Port
and Harbor Operations
Transport and Logistics-->Transport Infrastructure-->Rail
Infrastructure
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
State Delhi
Country India
50
51
DIVESTMENTS
Divestments – Deal reports
Deal Report: IDBI to acquire 81% stake in Stock Holding Corporation
Deal in brief
IDBI Bank Limited, a financial holding company, is planning to acquire 81% of stake in Stock Holding
Corporation of India Limited (SHCI), a depository participant. Both the companies are based in India.
IDBI is currently holding approximately a 19% stake in SHCI. The other shareholders of SHCI include IFCI
Ltd, Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation of India, New
India Assurance Co., Ltd., United India Assurance Co., Ltd., Oriental Insurance Co., Ltd., and National
Insurance Co., Ltd.
The transaction is valued at approximately INR14,000 million ($259.94 million), which will be paid in shares
of IDBI.
Target Stock Holding Corporation of India Limited
The United India Insurance Company Limited– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments
Acquirer IDBI Bank Limited
Seller/Vendor 1 Specified Undertaking of Unit Trust of India
Seller/Vendor 2 IFCI Limited
Seller/Vendor 3 The United India Insurance Company Limited
Seller/Vendor 4 New India Assurance Co., Ltd.
Seller/Vendor 5 The Oriental Insurance Company Ltd.
Seller/Vendor 6 National Insurance Company Limited
Seller/Vendor 7 Life Insurance Corporation of India
Seller/Vendor 8 General Insurance Corporation of India
Deal value (estimated) ($m) 259.94 (min)
Deal category Acquisition
Deal sub-category Majority acquisition
Acquired % 81
Date of announcement Nov 01, 2012
Company information: Target, acquirer, and seller/vendor

-2018
51
52
DIVESTMENTS
Target: Stock Holding Corporation of India Limited
Stock Holding Corporation of India Limited (SHCIL) is a

Business description provider of custodial and depository services, and other
financial services.
Financial Services-->Capital Markets and Trading

Industry
Financial Services-->Savings and Investments-->Mutual
Funds
Address SHCIL House, Plot No.P-51, TTC Industrial Area
City Mumbai
State Maharashtra
Country India
Acquirer: IDBI Bank Limited
IDBI Bank is a financial holding company. The company,
through its subsidiaries, provides banking, payments,
investments, institutional banking, general and life insurance
products and services.
Financial Services-->Cards-->Card Issuance

Industry Casualty
Financial Services-->Payments
Financial Services-->Institutional Investment Management
Address IDBI Tower, WTC Complex, Cuffe Parade, Colaba
City Mumbai
State Maharashtra
Country India
Website www.idbi.com
Phone number 91 22 2218 9111
Vendor 1: Specified Undertaking of Unit Trust of India

-2018
Vendor 2: IFCI Limited
52
53
DIVESTMENTS
Company type Public
Stock exchange BOM (Bombay Stock Exchange)
IFCI is an India-based financial institution that offers a

variety of financial products and services. The company
offers a range of financial products that includes debt
products and products related to the equity and other
Business description business segments. IFCI also provides corporate advisory
services, infrastructure advisory services, and monitors
public issues. The company also acts as a debenture trustee
for debentures issued by other companies. The company
operates in India, where it is headquartered in New Delhi.
Financial Services
Financial Services-->Private Equity and Venture Capital
Industry Financial Services-->Corporate and Investment Banking--
>Credit and Trade Finance
Financial Services-->Corporate and Investment Banking--
>Project, Asset and Structured Finance
Address IFCI Tower, 61 Nehru Place
City New Delhi
State Delhi
Country India
Website www.ifciltd.com
Phone number 91 11 4179 2800
Vendor 4: New India Assurance Co., Ltd.

Financial Services
Industry
Casualty
City Mumbai
Country India
-2018
53
54
DIVESTMENTS
Vendor 5: The Oriental Insurance Company Ltd.


Casualty
Casualty
City New Delhi
State Delhi
Country India
Vendor 6: National Insurance Company Limited

Business description insurance. NIC’s rural insurance products comprise livestock
-2018

54
55
DIVESTMENTS

Bengal, India.

Casualty
Casualty
Industry
Organizations
City Kolkata
State West Bengal
Country India
Vendor 7: Life Insurance Corporation of India

-2018
Business description insurance company in India. Its offers various products

55
56
DIVESTMENTS


Address
Bima Marg
City Mumbai
State Maharashtra
Country India
Vendor 8: General Insurance Corporation of India
Company type Public

in Mumbai, India.
Financial Services
Casualty
Casualty
Country India
Phone number 91 22 2286 7000

-2018
56
57
DIVESTMENTS
Deal Report: Orbis Power Venture and India Power Corporation Acquires 93% Stake in
DPSC from Andrew Yule, Life Insurance Corporation of India and United India Insurance
Deal in brief
Orbis Power Venture Private Limited, power generation company and India Power Corporation Limited., a
power generation company, have acquired 93% stake in DPSC Limited (formerly Dishergarh Power Supply
Co. Ltd.), a company engaged in generation, transmission and distribution of electric energy, from Andrew
Yule & Company Ltd, Life Insurance Corporation of India (LIC) and The United India Insurance Co Ltd.
Target DPSC Limited
Acquirer 1 India Power Corporation Limited
Acquirer 2 Orbis Power Venture Private Limited
Seller/Vendor 3 Andrew Yule & Company Ltd
Acquired % 93
Date of completion Nov 30, 2009
Target: DPSC Limited
Company type Public
Stock exchange NSE (National Stock Exchange of India)
Ticker symbol DPSCLTD
DPSC Limited (formerly Dishergarh Power Supply Co. Ltd.)

is engaged in power generation.

Industry
>Distribution
-2018
>Transmission
57
58
DIVESTMENTS
Address Plot No.-X-1, 2 & 3 Block EP, Sector-V
City Kolkata
State West Bengal
Country India
Website www.dpscl.com
Acquirer 1: India Power Corporation Limited

Industrial Goods and Machinery-->Power Engineering--
>Transmission And Distribution
>Power Generation
Industry Energy and Utilities-->Natural Resources-->Upstream
Fuels
>Renewables-->Solar
>Renewables-->Wind
>Distribution
>Transmission
Energy and Utilities-->Utilities-->Wholesale Energy
Address 2nd Floor, Plot no. X – 1, 2 & 3, Block – EP, Sector – V
City Kolkata
State West Bengal
Country India
Website www.indiapower.com
Acquirer 2: Orbis Power Venture Private Limited

-2018

58
59
DIVESTMENTS
Industry Energy and Utilities-->Natural Resources-->Upstream

Address Mirania Gardens, 10B, Topsia Road (East)
City Kolkata
State West Bengal
Country India
Life Insurance Corporation of India (LIC), owned by the

Government of India, is a provider of life insurance. The
company offers various life insurance plans such as
individual plans, pension plans, special plans, unit plans,
group schemes, child plans and health insurance plans. LIC
operates through zonal offices located in Mumbai, Kolkata,
Chennai, Hyderabad, Delhi, Kanpur, Bhopal and Patna. It
offers insurance products in India through associates and
Business description agents. Internationally, LIC and its associates have
operations in Fiji, Mauritius, the UK, Bahrain, Dubai, Abu
Dhabi, Kuwait, Qatar, Oman, Nepal, Sri Lanka, Saudi Arabia
and Kenya. LIC is headquartered in Mumbai, Maharashtra,
India.
For the FY2016, the company reported net earned premiums

of INR47 million, reflecting a decrease of 2% comparatively
to the FY2015.

Financial Services-->Life and Pensions-->Pensions
Casualty
-2018
Address Yogakshema, Jeevan Bima Marg
59
60
DIVESTMENTS
City Mumbai
State Maharashtra
Country India
Website www.licindia.in
Vendor 3: Andrew Yule & Company Ltd
Company type Public
Andrew Yule & Company Ltd. (Andrew Yule) is a clean

technology company that provides engineering and
environment products. The company offers engineering and
environment equipment; lubricants, transformers and switch
gears; turnkey projects, lamp filaments and
telecommunication systems. Its engineering and
environment equipment include industrial fans and blowers;
air pollution control systems, tea processing machinery and
effluent and water treatment systems. Andrew Yule offers
telecommunication systems such as digital microwave radio,
fibre optic telecommunications and programmable digital
MUX. The company’s lubricants comprise automative
lubricants, industrial lubricants and greases. Andrew Yule is
headquartered in Kolkata, West Bengal, India.

Environmental and Waste Management Services
Industry
Agriculture and Forestry-->Agriculture-->Tea Growing
Technology and Services
Address 8,YULE HOUSE, Dr. Rajendra Prasad Sarani
City KOLKATA
State Andhra Pradesh
Country India
Website www.andrewyule.com

-2018
60
61
DIVESTMENTS
Deal Report: SREI Infrastructure acquires 57.17% stake in Dishergarh Power Supply
Company (DPSC)
Deal in brief
SREI Infrastructure Finance Limited has acquired a 57.17% stake in Dishergarh Power Supply Company,
Ltd. (DPSC), a company engaged in generation, transmission and distribution of power, from Andrew Yule
& Co., Ltd. (7.12%), The Life Insurance Corporation of India (LIC) (30.61%), United India Insurance
Company Limited (11.36%), Bengal Coal Company, Ltd. (3.38%) and Katras Jherriah Coal Company, Ltd.
(4.70%). The transaction is valued at approximately INR1,720 million ($37 million). All the companies are
based in India.
SREI Infrastructure is an infrastructure equipment finance and infrastructure project finance company, and
a non-banking financial institution.
Announcement (February 2, 2009):
SREI Infrastructure plans to acquire a 57.17% stake in DPSC from Andrew Yule, LIC, United India
Insurance Company, Bengal Coal Company and Katras Jherriah Coal Company.
CESC Limited, Reliance Energy Limited, Patton International, Ltd., Coal India Limited, JSW Energy Limited
and Jessop & Co. Ltd. are also in the race to acquire the stake.
Andrew Yule has appointed Amarchand & Mangaldas & Suresh A. Shroff & Co. as legal advisor. Deloitte
Touche Tohmatsu would evaluate the bids.
Target DPSC Limited
Acquirer SREI Infrastructure Finance Limited
Seller/Vendor 1 Katras Jherriah Coal Company, Ltd.
Seller/Vendor 4 Bengal Coal Company, Ltd.
Seller/Vendor 5 Andrew Yule & Co Ltd.
Deal value (estimated) ($m) 37
Acquired % 57.17
Date of completion Jan 28, 2010

-2018
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62
DIVESTMENTS
Target: DPSC Limited
Company type Public
Ticker symbol DPSCLTD
DPSC Limited (formerly Dishergarh Power Supply Co. Ltd.)

is engaged in power generation.

Industry
>Distribution
>Transmission
Address Plot No.-X-1, 2 & 3 Block EP, Sector-V
City Kolkata
State West Bengal
Country India
Website www.dpscl.com
Acquirer: SREI Infrastructure Finance Limited
Company type Public
Ticker symbol SREINFRA
Srei Infrastructure Finance Limited (Srei) is an infrastructure-

focused public sector non-banking financial service provider.
The company offers a range of infrastructure solutions,
including financing, advisory services and development. Its
product includes term loans, syndicate loans, corporate
loans and working capital loans. The company also offers
services, including infrastructure equipment financing and
Business description leasing, infrastructure project financing, project advisory and
development, insurance broking, venture capital, and capital
market services. It also invests in various sectors, including
telecom infrastructure, transportation, power, and SEZ and
industrial parks. Srei serves its customers through a network
of branches across India. It operates in Russia, Germany,
Singapore, Mauritius, and Nigeria. Srei is headquartered in
-2018
Kolkata, India.
62
63
DIVESTMENTS

Financial Services
>Mergers and Acquisitions (M&A)
Industry >Project, Asset and Structured Finance
Financial Services-->Financial Services Distributors
Financial Services-->Corporate and Investment Banking
Construction and Real Estate-->Heavy Construction--
>Bridge Construction
Energy
Energy-->Production
Address 6A, Kiran Shankar Roy Road
City Kolkata
State West Bengal
Country India
Website www.srei.com
Vendor 1: Katras Jherriah Coal Company, Ltd.
Katras Jherriah Coal Company, Ltd. is a coal mining

company.
Industry Energy and Utilities-->Commodity-->Coal

Metals and Mining-->Coal Mining
State West Bengal
Country India

-2018
63
64
DIVESTMENTS


Address
Bima Marg
City Mumbai
State Maharashtra
Country India
Vendor 4: Bengal Coal Company, Ltd.
Business description Bengal Coal Company, Ltd. is a coal mining company.
Industry Energy and Utilities-->Commodity-->Coal

Country India
Vendor 5: Andrew Yule & Co Ltd.
Company type Public
Andrew Yule & Co (AYCL) is an India-based company,

engaged in the manufacturing and marketing of tea,
electrical and engineering equipment. The company is also
Business description engaged in the activity of printing through its subsidiary,
Hooghly Printing. The company primarily operates India,
where it is headquartered in Kolkata and employs around
14,860 people.
Agriculture and Forestry-->Agriculture-->Tea Growing

Industry General Business
Industrial Goods and Machinery-->Electrical Components
and Equipment
Address Yule House, 8 Dr Rajendra Prasad Sarani
Country India
Website www.andrewyule.com
Phone number 91 33 2242 8210

-2018
64
65
DIVESTMENTS
Advisor information
Vendors 5: Andrew Yule & Co Ltd.
Legal advisors
Amarchand & Mangaldas & Suresh A. Shroff & Co
-2018
65
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APPENDIX
APPENDIX
Contact Us
We hope that the data and analysis in this profile will help you make informed and imaginative
business decisions. If you have further requirements feedback please contact us at
assistme@marketline.com.
For further information on MarketLine and our range of business information services please visit
www.marketline.com
About MarketLine Financial Deals Database
• Financial Deals is the most extensive Deals database currently available in the market
• The database provides research and analysis on all types of financial deals including:
– merger and acquisition
– private equity backed buyout and investment
– venture capital investment
– initial public offering (IPO)
– secondary offering
– private placement
– partnership deal
• The database is a ‘live’ database and is updated real-time with Deal information
• Database contains more than 250,000 Deal records across all industries
• Every year over 48,000 Deals are added to the database
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executives
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• Five year archive of key companies across eight sectors; complete eight year archive of
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• What we offer
– detailed deal transaction data;
– sector/market specific analytical deal reports with analyst opinion;
– customized research and analysis.
• Coverage
– global coverage across all industries through a combination of secondary and primary
research;
– multi-lingual analyst capability ensures strong coverage from regional markets;
– track over 14,000 sources every day.
–
• Content
– detailed deal information with over 50 fields covering all of the key information required
to understand a deal comprehensively;
– detailed advisory information, financial information, deal multiple, deal rationale, and
information related to business operations in addition to basic fields;
– Value addition through a wide network of contacts with top advisors, law firms,
-2018
investment banks, and industry experts.
66
67
APPENDIX
• Want to know more? – Should you have any queries, send us an email at
reachus@marketline.com
67
68
APPENDIX
Deal Definition and Methodology
Deal type definition
Merger
A deal will be classified as Merger when two or more companies combine to form one company.
An amalgamation in the nature of merger is an amalgamation which satisfies all the following
conditions:
 All the assets and liabilities of the transferor company become, after amalgamation, the
assets and liabilities of the transferee company.
 Shareholders holding not less than 90% of the face value of the equity shares of the
transferor company (other than the equity shares already held therein, immediately before
the amalgamation, by the transferee company or its subsidiaries or their nominees) become
equity shareholders of the transferee company by virtue of amalgamation.
 The consideration for the amalgamation receivable by those equity shareholders of the
transferor company who agree to become equity shareholders of the transferee company is
discharged by the transferee company wholly by the issue of equity shares in the transferee
company, except that cash may be paid in respect of any fractional shares.
 The business of the transferor company is intended to be carried on, after the amalgamation,
by the transferee company.
 No adjustment is intended to be made to the book values of the assets and liabilities of the
transferor company when they are incorporated in the financial statements of the transferee
company except to ensure uniformity of accounting policies.
Acquisition
Transactions where a company acquires equity stake in another company. The following are the
different sub-categories under acquisition:
 Minority acquisition: The acquisition of less than 50% equity stake in the target
 Majority acquisition: The acquisition of 50% or more than 50% and less than 100% equity
stake in the target
 100% acquisition: The acquisition of all of the issued capital or 100% of the issued share
capital of the target
 Asset Purchase: The acquisition of a business unit or an asset which is a not a legal entity
Private equity
Private equity transactions capture equity investment / buyout by a private equity (PE) firm. The
following are the different sub-categories under private equity:
 Institutional buyout: PE firm or a group of PE firms acquiring a company from non-PE firms
or another company
 Secondary buyout: PE firm or a group of PE firms acquiring a company from a PE firm

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APPENDIX
 Management buyout (MBO): The management of the target acquires the target with the
backing of a PE firm will back the management in the buyout by providing the necessary
funds
 Management buy-in (MBI): A manager or a management team from outside the target
company (target) raises the necessary finance, buys the target and becomes the target's
new management. The necessary financing is provided by private equity firms.
 Buy-In Management buyout (BIMBO): A BIMBO is a combination of MBO and MBI, where
an external group of managers buy into the business and joins forces with the internal
management team
 Going Private: A public listed company being acquired by PE firms or with the management
and is de-listed form the stock exchange on which it was listed
 Exit: PE firm selling its stake in a portfolio company
Private placement
A private placement is a direct private offering of securities by the issuer to a limited number of
investors. Private placement is a primary market transaction.
Venture financing
Investments made in a start-up or young company by a venture capital or private equity firm in the
primary market (i.e. the target company is issuing new shares and receiving the proceeds directly).
The following are the different sub-categories under venture financing:
 Seed: Financing provided for companies which have still not started marketing their product
or services. The purpose of such funding will generally be to assess and develop an initial
business concept
 Start-up: Financing provided to companies for developing their product/service and to

purchase the necessary assets for their production/operation
 Growth/Expansion: Financing provided for companies to increase their sales, marketing, and
production operations, which have developed and started marketing their products
 Late stage: Financing provided for companies which have already established themselves in
the market and are looking for expanding their production capacities
 Exit: This node is assigned when a venture capital is selling its stake in a portfolio company
Initial Public Offering
 Initial public offering (IPO) occurs when a company first sells its shares to the public. The
following are the different stages under initial public offering:
 Filing: When a company announces its plans to go for an IPO or files the prospectus with the
concerned regulator about the IPO
 Pricing: When the company fixes the issue price for its offering
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APPENDIX
 Secondary offering: When a public listed company’s existing shareholders are offering their
shares to general public or a public listed company itself is making a follow-on public offering
 Withdrawn: When the company withdraws its IPO
 Postponed: When the company postpones its IPO
Partnership
A partnership is the relationship existing between two or more entities that join to carry on a trade or
business. The following are the different sub-categories under partnership:
 Joint Venture (JV): Two or more companies forming a new entity to undertake an activity
 Co-marketing: Two or more companies coming together to collaborate either for product
development, distribution, or for providing services. In a broader sense any alliance related
to products and / or services where products or service of one company are marketed jointly
with product or services of another company is tagged as co-marketing alliance. Agreements
with a distribution company are not considered as Co-Marketing.
 Affinity marketing: An agreement by which one company is getting access to the customer
base of another for selling its products and the company which is providing access to its
customer base is not involved in the product/service development or any other obligations
relating to such product/service
 Licensing agreement: An agreement in which one party gives the rights to another party to
use its technology, intellectual property, and brands. Financial Deals does not capture
licensing deal related to software.
Deal status details
Financial Deals captures deal status according to following stages:
 Rumor: Neither of the parties involved in the transaction announces the deal but has been
reported by media/market sources
 Announced: Either party involved in the transaction announces the deal
 Completed: Involved parties complete the transaction
 Terminated: Involved parties do not intend to complete the earlier announced transaction
and either terminates the agreement or withdraws the bid
 Dead rumor: Rumor denied by either of the parties involved in the transaction
Deal value
Deal value is the consideration paid by the acquirer for acquiring the target.
Financial Deals uses a deal value estimation model (for cases where deal value is not available
through secondary and primary sources), which is based on comparables. The estimation model
analyzes deal values based on market capitalization of the target company on the day prior to the
announcement. In addition, it also includes approximation derived through inputs from advisors
involved in the deal, approximate enterprise value, gross consideration and share price and number
of shares.
All deals values which are mentioned as approximate consideration are tagged as estimated values.
Deal value criteria for filtering deals

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APPENDIX
For M&A, private equity, IPO and private placement, FD focuses on transactions where deal value is
more than or equal to $5 million. For venture investment and partnership, FD captures all deals.
Deal payment details

Deal payment is captured in the following fields:
Payment type: Payment type indicates the mode by which the purchase consideration has been
paid to the vendor. It includes the following sub-categories:
 Cash: It indicates the amount paid in cash (either in %age or absolute value) by the acquirer
 Debt: It indicates the amount of debt (either in %age or absolute value) of the target
assumed by the acquirer
 Shares: It indicates the amount of shares (either in %age or absolute value) issued by the
acquirer
 Quantity type: It indicates the consideration by payment mode in terms of value and
percentage
% acquired: % acquired indicates the stock acquired in percentage terms
Share price paid: Price per share offered by the acquirer to the target
Debt-related fields
Below is the list of fields captured:
Debt provider: Field ‘provider type’ indicates the type of debt provider. It includes the following sub-
categories:
 Lead: Represents the lead debt provide

 Syndicate: Represents group of lenders that are collectively lending or offering the debt to
the acquirers
Debt amount: Amount of debt raised by the acquirer to finance the acquisition
Debt category: It represents the nature of the debt that has been used by the acquirer in financing
the acquisition. It includes the following categories:
 Bank facilities: These are general loans provided by banks to companies.
 Senior: Debt that has priority for repayment in liquidation.
 Mezzanine: Debt that incorporates equity-based options such as warrants with a lower-
priority debt. Mezzanine debt is often used to finance acquisitions and buyouts, where it can
be used to prioritize new owners ahead of existing owners in the event of bankruptcy.
 Second lien: Debts that are subordinate to the rights of other, more senior debts issued
against the same collateral, or a portion of the same collateral. If a borrower defaults, second
lien debts stand behind higher lien debts in terms of rights to collect proceeds from the
debt's underlying collateral.
 Other debt: Any other debt facility other than the above mentioned debt categories.
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APPENDIX
Securities issued to finance deal

Below is a list of category and sub-category of securities issued by the acquirer, captured in FD:
Capital increase type: It is the type of debt or equity securities issued by the acquirer to raise the
necessary funds to finance the transaction. It includes the following options:
 Converted debt: Converted debt is a debt security which can be exchanged for a specified
amount of another, related security, usually shares of stock in the issuing company, at the
option of the issuer and/or the holder
 Convertible bond: A convertible bond is a type of debt instrument that can be converted
into shares of stock in the issuing company, usually at some pre-announced ratio
 Convertible loan: A convertible loan is a loan issued by companies that can be converted
into ordinary shares or preference shares at a given price at a future date
 Open offer: Indicates the manner in which the company raised money by offering its shares
to the public (public offering)
 Placing: General term to describe the process of raising money via the issue of new shares
 Private placing: Private placing is a process of raising money by the issue of new shares to
institutions and private clients rather than to the general public
 Rights issue: Rights issue is the process of raising money by issuing rights to a company's
existing shareholders to buy a proportional number of additional securities at a given price
within a fixed period
 Scrip issue: A scrip issue (also called a capitalization issue or a bonus issue) is the issue of
new shares to existing shareholders at no charge, on a pro-rata basis to their existing
shareholdings
 Vendor placing: A method of using shares to fund an acquisition by allotting shares from
the purchaser to the vendor in exchange for shares in the target (or other assets). The
consideration shares are then placed on behalf of the vendor by the purchaser’s bank so
that the vendor receives cash (the proceeds of sale of shares by the purchaser’s bank).
Financial and operational information
Financial Deals captures all the key financial items from income statement, balance sheet including
key ratios and valuation multiples, which help in providing a detailed understanding of the deal. The
financial information is captured for target companies. All the financial fields are presented in local
currency as well as US Dollar. In addition to financial fields, Financial Deals also captures certain
operational parameters. Below is a list of key fields along with their definitions:
Fiscal year end: Refers to the fiscal year (or financial year or accounting reference date), a 12-
month period used for calculating annual (yearly) financial statements. All the financial fields in
MarketLine Financial Deals database are captured according to the fiscal year-end values.
No. of employees: Number of employees at the fiscal year end

Local currency: The currency in which the company is reporting its financial statements
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APPENDIX
Revenue (non banking): Revenue is the amount of money that a company receives from its
activities in a given period, primarily from sales of products and/or services to customers
Revenue (banking): This value is sum of interest income and non interest income
Operating profit: Operating profit is the earnings before deduction of interest payments and income
taxes; also called EBIT (earnings before interest and taxes) or operating income. For banking
companies interest payments are not deducted.
EBITDA: Earnings before interest, taxes, depreciation and amortization
Post tax profit: Post tax profit is the amount of earnings that is available after deducting the taxes,
also known as profit after tax
Operating margin: This value measures the percent of revenues remaining after paying all
operating expenses. It is calculated as annual operating income divided by annual total revenue,
multiplied by 100.
Enterprise value: Enterprise value is calculated by adding a company’s market capitalization,

preferred stock, minority interest, and outstanding debt together and then subtracting out the cash
and cash equivalents found on the balance sheet as on the fiscal year end
Shares issued: Number of shares the company has issued out of its authorized capital
Market capitalization: Market capitalization is calculated by taking the number of outstanding

shares of common stock multiplied by the market price-per-share as on fiscal year end
Outstanding shares: It represents stock currently held by investors, including restricted shares
owned by the company's officers and insiders, as well as those held by the public. It is also defined
as the difference between shares in issue and treasury shares as of the fiscal year end.
Net assets: Net assets are the difference between the total asset and liabilities that has to be paid to
third parties. It is also known as net worth
Net assets-share ratio: It is defined as net assets divided by number of shares outstanding
Earning per share: Earnings per share (EPS) is calculated by dividing a company's net income by
the outstanding shares
Price earning ratio (P/E): The P/E ratio (price-to-earnings ratio) of a stock (also called its ‘earnings
multiple’, or simply multiple, P/E, or PE) is a measure of the price paid for a share relative to the
income or profit earned by the company per share. P/E ratio is arrived by dividing share price at the
end of the fiscal year with net income per share.
Deal multiples
Financial Deals captures the following four valuation multiples:

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
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APPENDIX
Advisor information
Financial Deals captures detailed advisor information including financial advisor, legal advisor,
placement agent, and public relation (PR) advisors along with respective executives involved in the
deal. The following are the different types of advisors:
Legal advisor: Legal advisors are those who look into the legal matters of a company for that
particular deal.
Financial advisor: Financial advisors are those who look into the financial matters of a company for
that particular deal. Financial advisor is separated into the following types:
 Financial due diligence: The process of investigation, performed by investors, into the details
of a potential investment, such as examination of operations and management and
verification of material facts
 Accounting: Financial advisor who looks into the accounting matters for a deal
 Tax: Financial advisor who looks into the tax matters for a deal
 Corporate Finance: Financial advisor who looks into the financial decisions of a corporation
 Book runners: Book runner is the managing or lead underwriter who maintains the books of
securities sold for a new issue
 Underwriters: A company or other entity that administers the public issuance and distribution
of securities from a corporation or other issuing body
 Brokers: An individual or firm that charges a fee or commission for executing buy and sell
orders submitted
 Others: All other financial advisors not falling in the above-mentioned categories are tagged
as other
Placement agent: A company that specializes in finding institutional investors who are willing and
able to invest primarily in unregistered securities
Public Relations (PR) advisor: An entity that advises a company or manages its communication
activities with its stakeholders
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APPENDIX
About MarketLine
In an information-rich world, finding facts you can rely upon isn’t always easy. MarketLine is the
solution.
At MarketLine, we deliver accurate, up-to-date information on 300 industries and 150 countries as
well as detailed profiles of over 2,500 companies. By taking the chore out of business research,
MarketLine gives you more time to focus on what really matters.
Profiling all major companies, industries and geographies, MarketLine is one of the most prolific
publishers of business information today.
Our content is produced by an internal team of analysts, drawing on primary and secondary research
and prepared under an established methodology that’s been tried and tested over 10 years.
MarketLine is a wholly owned subsidiary of Informa.
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APPENDIX
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Vendor, acquirer, target and partner report for The Oriental Insurance Company Ltd. and its
subsidiaries. Includes Mergers & Acquisitions, Private equity, Venture capital, Joint ventures,
The Oriental Insurance Company Ltd. –

REFERENCE CODE: 92E7D17C-95D2-43FB-A172-F8500C5FBF55

WWW.MARKETLINE.COM
78
THE ORIENTAL INSURANCE COMPANY LTD.
The Oriental Insurance Company Ltd. (Oriental Insurance), a wholly owned subsidiary of Oriental Government
Security Life Assurance Company Ltd, provides various general insurance services in the urban and rural sectors in
India. The company designs insurance coverage for projects, including power plants, petrochemical, steel and
chemical plants among otehrs. Oriental Insurance offers motor insurance policies, personal accident policy, Janata
personal accident policy, shopkeeper policy, householder policy, Nagarik suraksha policy and health insaurance
policies among others. It operates in across India and also has overseas operations in Nepal, Kuwait and Dubai.
Oriental Insurance is headquartered in New Delhi, India.
Key facts
State Delhi
Country India
Telephone 91 11 43659595
The Oriental Insurance Company Ltd.– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
-
79
The Oriental Insurance Company Ltd. activity by deal type - The Oriental Insurance Company Ltd. M&A activity by
volume (trailing twelve months (TTM)) geography (TTM)
Deal type Volume Geography Volume

Acquisition 1 North America -
Capital raising - Europe -
Corporate venturing - Asia-Pacific 1
Divestments - Middle East and Africa -
Partnership - South and Central America -
Private equity -
The Oriental Insurance Company Ltd. activity by deal type - The Oriental Insurance Company Ltd. M&A average deal size
volume (2014-YTD2018) - value ($m)
Acquisition (ACQ) - - - - 1 2014 - -
Capital raising - - - 1 - 2015 - -
(CR) 2016 - -
2017 - -
2018 1 -
80
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF TABLES .................................................................................... 5
LIST OF FIGURES .................................................................................. 5

CAPITAL RAISING ............................................................................... 19

APPENDIX............................................................................................. 29
Contact Us ......................................................................................................................................... 29
81
TABLE OF CONTENTS
LIST OF TABLES
Table 1: The Oriental Insurance Company Ltd. M&A volume and value trend (2014-YTD2018) 7
Table 2: The Oriental Insurance Company Ltd. M&A activity by geography (2014-YTD2018) 7
Table 3: The Oriental Insurance Company Ltd. capital raising volume and value trend (2014-YTD2018) 19
Table 4: The Oriental Insurance Company Ltd. capital raising by deal type (2014-YTD2018) 19
LIST OF FIGURES
Figure 1: The Oriental Insurance Company Ltd. M&A volume and value trend (2014-YTD2018) 7
Figure 2: The Oriental Insurance Company Ltd. M&A activity by geography (2014-YTD2018) 7
Figure 3: The Oriental Insurance Company Ltd. capital raising volume and value trend (2014-YTD2018) 19
Figure 4: The Oriental Insurance Company Ltd. capital raising by deal type (2014-YTD2018) 19
82

The Oriental Insurance Company Ltd. targets and partners (2014 -YTD2018)
The Oriental Insurance Company Ltd.-Target/Partner

name
National Insurance Company Limited (India) Feb 1, 2018 Merger -
The United India Insurance Company Limited (India) Feb 1, 2018 Merger -
83

Figure 1: The Oriental Insurance Company Ltd. M&A volume Figure 2: The Oriental Insurance Company Ltd. M&A activity
and value trend (2014-YTD2018) by geography (2014-YTD2018)
Table 1: The Oriental Insurance Company Ltd. M&A volume Table 2: The Oriental Insurance Company Ltd. M&A activity
2015 - - Europe -
2018 1 - South and Central America -
84
Deal Report: Oriental Insurance Company and National Insurance to Merge with United
India Insurance
Deal in brief
Oriental Insurance Company Ltd., a provider of general insurance services, and National Insurance
Company Limited., a provider of general insurance for urban and rural customers, to merge with United
India Insurance Co. Ltd., a provider of non-life insurance products and services. All the companies are
based in India.
Target 1 The Oriental Insurance Company Ltd.
Target 2 National Insurance Company Limited
Target 3 The United India Insurance Company Limited
Deal category Merger
Company information: Target
Target 2: National Insurance Company Limited

Bengal, India.
Industry
Financial Services-->General Insurance, Property and 8
85
Casualty
Casualty
Organizations
City Kolkata
State West Bengal
Country India
Target 3: The United India Insurance Company Limited
The United India Insurance Company Limited (UIIC) is a

general insurance provider. It offers a range of personal and
commercial general insurance products. The company’s
personal insurance solutions include motor insurance, fire
insurance, health insurance, liability insurance, micro
insurance, credit insurance, home insurance, personal
accident insurance, and travel insurance. Its commercial
policies include fire insurance policies, marine policies,
motor insurance, industry equipments insurance. It also
offers accident and hospitalization policies; social policies,
9
86
rural policies, travel policies, package policies, and business

policies. In addition, the company provides advisory and
brokerage services. It has presence across various cities in
India. UIIC is headquartered at Chennai, India.
The company reported gross premium income of

INR106,917.3 million in FY2015, compare to INR97,089.3
million in FY2013, representing an annual increase of
10.1%. The net earned premium of the company was
INR88,162.3 million in FY2015, compare to INR76,033
million in FY2014, representing an annual increase of 16%.

Casualty
Casualty
Casualty
Casualty-->Commercial Insurance-->Group Accident and
Health
Industry
Casualty-->Commercial Insurance-->Pecuniary Loss
Casualty-->Personal Insurance-->Liability
City Chennai
State Tamil Nadu

10
87
Country India
11
88
CORPORATE VENTURING
CORPORATE VENTURING
Reliance Energy
Deal in brief
Deal rationale
borrowing capabilities, to enable greater participation in these growth opportunities in high growth areas. 12
89
CORPORATE VENTURING
Deal financials
EV/Revenues 2.41
EV/EBITDA 11.09
Bid premium (%) 5


>Renewables-->Wind
Industry Energy and Utilities-->Utilities-->Utilities Networks--
>Distribution
>Transmission
Energy
Energy and Utilities-->Natural Resources-->Upstream 13
90
CORPORATE VENTURING
Energy-->Production
City Mumbai
State Maharashtra
Country India
Revenues 65,841.10 1,516.32
EBITDA 14,330.78 330.04
Key ratios


Industry
Financial Services
Country India
Phone number 91 22 2278 5000
14
91
CORPORATE VENTURING
Acquirer 2: The United India Insurance Company Limited

Business description rural policies, travel policies, package policies, and business

Casualty
Casualty
Casualty
Health
Industry Financial Services-->General Insurance, Property and
15
92
CORPORATE VENTURING
City Chennai
State Tamil Nadu
Country India
Financial Services
Industry
Casualty
City Mumbai
Country India
Company type Public

in Mumbai, India.
16
93
CORPORATE VENTURING
Financial Services
Casualty
Casualty
Country India
Phone number 91 22 2286 7000


Address
Bima Marg
City Mumbai
State Maharashtra
Country India

insurance, sheep and goat insurance, elephant insurance, 17
94
CORPORATE VENTURING

Bengal, India.

Casualty
Casualty
Industry
Organizations
City Kolkata
State West Bengal
Country India
18
95
CAPITAL RAISING
CAPITAL RAISING
Figure 3: The Oriental Insurance Company Ltd. capital Figure 4: The Oriental Insurance Company Ltd. capital
Table 3: The Oriental Insurance Company Ltd. capital raising Table 4: The Oriental Insurance Company Ltd. capital raising
volume and value trend (2014-YTD2018) by deal type (2014-YTD2018)
2015 - -
2016 - -
2017 1 -
2018 - -
19
96
CAPITAL RAISING
Deal Report: Government of India to divest 25% stake in Oriental Insurance
Deal in brief
According to Moneycontrol, The Government of India (GOI) has agreed to divest a 25% stake in The
Oriental Insurance Company Limited, an India-based non-life insurance company, through listing the
company on stock exchanges. The listing will be either by fresh equity or offer for sale.
Concurrently, GOI has agreed to sell a 25% stake in each of New India Assurance Co., Ltd., United India
Insurance Co., Ltd., National Insurance Company Limited and General Insurance Corporation of India.
Target The Oriental Insurance Company Ltd.
Deal category IPO
% to Public 25

Organizations
Nervous System
Industry Pharmaceuticals and Healthcare-->Therapy Area--
Endocrinology
Fuels 20
97
CAPITAL RAISING

Construction and Real Estate-->Heavy Construction
>Highway Operators
Infrastructure
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
State Delhi
Country India
21
98
DIVESTMENTS
Deal in brief
Insurance Co., Ltd.
of IDBI.
Acquired % 81
22
99
DIVESTMENTS

financial services.

Industry
Funds
City Mumbai
State Maharashtra
Country India

Industry Casualty
City Mumbai
State Maharashtra
Country India
Phone number 91 22 2218 9111
23
100
DIVESTMENTS
Company type Public

Financial Services
City New Delhi
State Delhi
Country India
Phone number 91 11 4179 2800
Vendor 3: The United India Insurance Company Limited


24
101
DIVESTMENTS

Casualty
Casualty
Casualty
Health
Industry
City Chennai
State Tamil Nadu
Country India
25
102
DIVESTMENTS

Financial Services
Industry
Casualty
City Mumbai
Country India

Bengal, India.

Casualty
Casualty
Industry Financial Services-->Life and Pensions
26
103
DIVESTMENTS
Organizations
City Kolkata
State West Bengal
Country India



Address
Bima Marg
City Mumbai
State Maharashtra
Country India
27
104
DIVESTMENTS
Company type Public

in Mumbai, India.
Financial Services
Casualty
Casualty
Country India
Phone number 91 22 2286 7000
28
105
APPENDIX
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Private equity
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31
108
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management team
Private placement
Venture financing
business concept

32
109
APPENDIX
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Deal status details
Deal value
of shares.

33
110
APPENDIX

acquirer
percentage
Debt-related fields
categories:

the acquirers
34
111
APPENDIX

shareholdings

35
112
APPENDIX
multiplied by 100.

Deal multiples

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
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113
APPENDIX
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116
Vendor, acquirer, target and partner report for General Insurance Corporation of India and its
General Insurance Corporation of India –

REFERENCE CODE: E3EA5399-6832-461A-82AF-F50AA365CD15

WWW.MARKETLINE.COM
117
GENERAL INSURANCE CORPORATION OF INDIA
General Insurance Corporation of India (GIC) is engaged in providing reinsurance services to the general insurers in
India. The company, through its subsidiaries is involved in providing reinsuring solutions for Afro-Asian region. GIC’s
reinsurance portfolio includes oil and energy, aviation, spares/rotor wing, fire and Engineering, Liability, property,
marine cargo and hull, agriculture, credit, and miscellaneous. GIC manages its representative office in Moscow. The
company operates in India, the UK, China, Brazil, the UAE, Malaysia, Europe, South Africa and Russia. GIC is
headquartered in Mumbai, Maharashtra, India.
The company reported revenues of (Rupee) INR422,517.3 million for the fiscal year ended March 2018 (FY2018), an
increase of 36.6% over FY2017. In FY2018, the company’s operating margin was 5.5%, compared to an operating
margin of 11.2% in FY2017. In FY2018, the company recorded a net margin of 7.4%, compared to a net margin of
10.2% in FY2017.
Key facts
Country India
Telephone 91 22 2286 7000
General Insurance Corporation of India– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
-
118
General Insurance Corporation of India activity by deal type - General Insurance Corporation of India M&A average deal
volume (2014-YTD2018) size - value ($m)
Acquisition (ACQ) - 1 - - - 2014 - -
Capital raising - - - 1 - 2015 1 500
(CR) 2016 - -
Corporate - - - 1 - 2017 - -
venturing (CV)
2018 - -
Deal value
($m)
HDFC ERGO General Insurance Company Private

Jan 14, 2017 Completed 51.26
Limited (India) placement
SZ DJI Technology Co., Ltd. (China) Sep 24, 2015 Announced Private equity 500
119
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF TABLES .................................................................................... 5
LIST OF FIGURES .................................................................................. 5

Corporate Venturing – Overview ...................................................................................................... 11
CAPITAL RAISING ............................................................................... 49

APPENDIX........................................................................................... 108
Contact Us ....................................................................................................................................... 108
About MarketLine Financial Deals Database ................................................................................. 108
Deal Definition and Methodology ................................................................................................... 110
About MarketLine ............................................................................................................................. 117
120
TABLE OF CONTENTS
LIST OF TABLES
Table 1: General Insurance Corporation of India M&A volume and value trend (2014-YTD2018) 7
Table 2: General Insurance Corporation of India M&A activity by geography (2014-YTD2018) 7
Table 3: General Insurance Corporation of India corporate venturing volume and value trend (2014-
YTD2018) 11
Table 4: General Insurance Corporation of India corporate venturing by geography (2014-YTD2018) 11
Table 5: General Insurance Corporation of India capital raising volume and value trend (2014-YTD2018) 49
Table 6: General Insurance Corporation of India capital raising by deal type (2014-YTD2018) 49
LIST OF FIGURES
Figure 1: General Insurance Corporation of India M&A volume and value trend (2014-YTD2018) 7
Figure 2: General Insurance Corporation of India M&A activity by geography (2014-YTD2018) 7
Figure 3: General Insurance Corporation of India corporate venturing volume and value trend (2014-
YTD2018) 11
Figure 4: General Insurance Corporation of India corporate venturing by geography (2014-YTD2018) 11
Figure 5: General Insurance Corporation of India capital raising volume and value trend (2014-YTD2018) 49
Figure 6: General Insurance Corporation of India capital raising by deal type (2014-YTD2018) 49
121

General Insurance Corporation of India targets and partners (2014 -YTD2018)
General Insurance Corporation of India-

Target/Partner name
HDFC ERGO General Insurance Company Limited

Jan 14, 2017 Private placement 51.26
(India)
SZ DJI Technology Co., Ltd. (China) Sep 24, 2015 Private equity 500
122

Figure 1: General Insurance Corporation of India M&A Figure 2: General Insurance Corporation of India M&A
Table 1: General Insurance Corporation of India M&A volume Table 2: General Insurance Corporation of India M&A activity
2015 1 500 Europe -
2018 - - South and Central America -
123
Deal Report: SZ DJI Technology to raise $500 million in funding
Deal in brief
According to China Money Network, sources reported that SZ DJI Technology Co., Ltd., a China-based
manufacturer of consumer drones, has agreed to raise approximately $500 million from New China Life
Insurance Co., Ltd., General Insurance Corporation of India and New Horizon Capital.
Target SZ DJI Technology Co., Ltd.
Acquirer 2 New China Life Insurance Company Ltd.
Acquirer 3 New Horizon Capital
Deal category Private equity
Deal sub-category Minority acquisition , direct investment
Round of financing None
Date of announcement Sep 24, 2015
Target: SZ DJI Technology Co., Ltd.
SZ DJI Technology Co., Ltd. is a manufacturer of consumer

Business description drones for filmmaking, agriculture, conservation, search and
rescue, energy infrastructure, and other sectors.
Industrial Goods and Machinery

Industry
Retailing-->Electricals and Electronics-->Brown Goods
14th Floor, West Wing, Skyworth Semiconductor Design

Address
Building, No.18 Gaoxin South 4th Ave, Nanshan District
City Shenzhen
Country China
Website www.dji.com
8
124
Acquirer 2: New China Life Insurance Company Ltd.
Company type Public
Stock exchange HKG (Hong Kong Stock Exchange)
Ticker symbol 1336
New China Life Insurance is engaged in the provision of life

insurance products and services to individual and
institutional customers. It acts as an agent for domestic and
international insurance companies; provides insurance
related consulting services; and conducts capital
Business description management operations. In addition, the company offers
equity investment, micro finance, real estate development
and medical services through its subsidiaries. New China
Life Insurance operates in China and Hong Kong. It is
headquartered in Beijing, China and employs around 52,474
people.
Financial Services
Casualty
Industry
New China Insurance Tower, Number Jia 12 Jianguomenwai

Address
Street
Country China
Website newchinalife.com
9
125
Phone number 86 10 8521 0000
Acquirer 3: New Horizon Capital
Industry Private equity firm, swaps dealer
New Horizon Capital is a Chinese venture capital and private

equity firm.
Address Suite 903, 9/F, Jin Bao Tower, 89 Jin Bao Street
City Beijing
Country China
Website www.nhfund.com
10
126
CORPORATE VENTURING
CORPORATE VENTURING
Corporate Venturing – Overview
Figure 3: General Insurance Corporation of India corporate Figure 4: General Insurance Corporation of India corporate
venturing volume and value trend (2014-YTD2018) venturing by geography (2014-YTD2018)
Table 3: General Insurance Corporation of India corporate Table 4: General Insurance Corporation of India corporate
2015 - - Europe -
2017 1 51.26 Middle East and Africa -
11
127
CORPORATE VENTURING
Deal Report: HDFC ERGO General Insurance Company raises $51.26 million in private
placement of debentures
Deal in brief
HDFC ERGO General Insurance Company Limited, an India-based general insurance company, has raised
INR3,500 million ($51.26 million) in a private placement of unsecured, subordinated and redeemable non-
convertible debentures (NCDs) having a face value of INR1 million ($0.015 million) each from ERGO
Insurance Group AG, General Insurance Corporation of India, Life Insurance Corporation of India and other
investors.
The NCDs will have an interest rate of 7.6% annum and a maturity period of 10 years with a call option at
the end of five years.
Target HDFC ERGO General Insurance Company Limited
Acquirer 1 ERGO Insurance Group AG
Acquirer 4 Undisclosed Investor(s)
Deal rationale
HDFC ERGO intends to use the funds to strengthen solvency margin.
Security type Debt
Security type Indian Rupee (m) Value ($m)
Debt investment amount 3,500 51.26

12
128
CORPORATE VENTURING
Target: HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited (HDFC

ERGO) is a privately held general insurance company. The
company provides a range of personal, commercial and rural
insurance products and services for individual, families and
corporate customers. Its portfolio of products includes motor
insurance, health insurance, travel insurance, home
insurance, personal accident insurance, property insurance,
liability insurance, marine insurance, casualty insurance,
specialty insurance and rural insurance. In addition, HDFC
Business description ERGO offers reinsurance, claims and risk consulting
services. The company is a subsidiary of India based
Housing Development Finance Corp. Ltd. HDFC ERGO is
The company reported gross written premium of INR34,665
million for the fiscal year 2016 (FY2016), representing an
increase of 6.4% over FY2015. Its net written premium was
INR18,980 million in FY2016, an increase of 6.7% over
FY2015.

Casualty
Health
Industry
Address 1st Floor, 165-166, Backbay Reclamation
City Mumbai
State Maharashtra
Country India
Website www.hdfcergo.com
13
129
CORPORATE VENTURING
Acquirer 1: ERGO Insurance Group AG
ERGO Insurance Group AG is an insurance company that

provides solutions in the life insurance, health insurance,
legal expenses insurance, property and casualty insurance,
and pension funds segments.
Financial Services
Industry Health
Address Victoriaplatz 2
City Duesseldorf
Country Germany
Website www.ergo.com



Address
Bima Marg
City Mumbai
State Maharashtra
Country India
Website www.licindia.com 14
130
CORPORATE VENTURING
Acquirer 4: Undisclosed Investor(s)

Diagnostics
Diagnostics
15
131
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
16
132
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
17
133
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
18
134
CORPORATE VENTURING

Diagnostics
Diagnostics
19
135
CORPORATE VENTURING

Diagnostics
Diagnostics
20
136
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
21
137
CORPORATE VENTURING

Diagnostics
22
138
CORPORATE VENTURING
Diagnostics
Diagnostics
23
139
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
24
140
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
25
141
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
26
142
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
27
143
CORPORATE VENTURING

Diagnostics
Diagnostics
28
144
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
29
145
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
30
146
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics-->Biomaterials and Tissue Regeneration
Diagnostics
Diagnostics
31
147
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
32
148
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
33
149
CORPORATE VENTURING

Diagnostics
Diagnostics
34
150
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
35
151
CORPORATE VENTURING

Diagnostics
36
152
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
37
153
CORPORATE VENTURING
Diagnostics
Diagnostics
38
154
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
39
155
CORPORATE VENTURING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
40
156
CORPORATE VENTURING

Diagnostics
41
157
CORPORATE VENTURING
Reliance Energy
Deal in brief
Deal rationale
borrowing capabilities, to enable greater participation in these growth opportunities in high growth areas.
Deal financials

42
158
CORPORATE VENTURING
EV/Revenues 2.41
EV/EBITDA 11.09
Bid premium (%) 5


>Renewables-->Wind
Industry
>Distribution
>Transmission
Energy
Energy-->Production
City Mumbai
State Maharashtra
43
159
CORPORATE VENTURING
Country India
Revenues 65,841.10 1,516.32
EBITDA 14,330.78 330.04
Key ratios


Industry
Financial Services
Country India
Phone number 91 22 2278 5000

Business description general insurance provider. It offers a range of personal and
44
160
CORPORATE VENTURING



Casualty
Casualty
Casualty
Health
Industry
45
161
CORPORATE VENTURING
City Chennai
State Tamil Nadu
Country India


Casualty
Casualty
City New Delhi
State Delhi
Country India

46
162
CORPORATE VENTURING

Financial Services
Industry
Casualty
City Mumbai
Country India



Address
Bima Marg
City Mumbai
State Maharashtra
Country India

47
163
CORPORATE VENTURING

Bengal, India.

Casualty
Casualty
Industry
Organizations
City Kolkata
State West Bengal
Country India
48
164
CAPITAL RAISING
CAPITAL RAISING
Figure 5: General Insurance Corporation of India capital Figure 6: General Insurance Corporation of India capital
Table 5: General Insurance Corporation of India capital raising Table 6: General Insurance Corporation of India capital
volume and value trend (2014-YTD2018) raising by deal type (2014-YTD2018)
2015 - -
2016 - -
2017 1 -
2018 - -
49
165
CAPITAL RAISING
Deal Report: Government of India to divest 25% stake in General Insurance Corporation
of India
Deal in brief
According to Moneycontrol, The Government of India (GOI) has agreed to divest a 25% stake in General
Insurance Corporation of India, an India-based general insurance company, through listing the company on
stock exchanges. The listing will be either by fresh equity or offer for sale.
Concurrently, GOI has agreed to sell a 25% stake in each of New India Assurance Co., Ltd., United India
Insurance Co., Ltd., The Oriental Insurance Company Ltd. and National Insurance Company Limited.
Target General Insurance Corporation of India
Deal category IPO
% to Public 25

Organizations
Nervous System
Industry
Endocrinology
Energy and Utilities-->Utilities-->Power Generation-->Fossil 50
166
CAPITAL RAISING
Fuels
>Highway Operators
Infrastructure
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
State Delhi
Country India
51
167
DIVESTMENTS
Deal in brief
Insurance Co., Ltd.
of IDBI.
Acquired % 81
52
168
DIVESTMENTS

financial services.

Industry
Funds
City Mumbai
State Maharashtra
Country India

Industry Casualty
City Mumbai
State Maharashtra
Country India
Phone number 91 22 2218 9111
53
169
DIVESTMENTS
Company type Public

Financial Services
City New Delhi
State Delhi
Country India
Phone number 91 11 4179 2800


54
170
DIVESTMENTS

Casualty
Casualty
Casualty
Health
Industry
City Chennai
State Tamil Nadu
Country India
55
171
DIVESTMENTS

Financial Services
Industry
Casualty
City Mumbai
Country India


Casualty
Casualty
City New Delhi
State Delhi
Country India
56
172
DIVESTMENTS

Bengal, India.
Casualty
Casualty
Industry
Organizations
57
173
DIVESTMENTS
City Kolkata
State West Bengal
Country India


Address
Bima Marg
City Mumbai
State Maharashtra
Country India
58
174
DIVESTMENTS
Deal Report: Daiichi Sankyo acquires 20% stake in Ranbaxy Laboratories through open
offer
Deal in brief
Daiichi Sankyo Company, Limited, a Japan-based developer, manufacturer of pharmaceuticals, has

acquired a 20% stake in Ranbaxy Laboratories Limited, an India-based research-based pharmaceutical
company, through open offer.
Daiichi Sankyo has acquired 92,519,126 shares at a price of INR737 ($17.17) per share. The transaction
is valued at approximately INR68,186.59 million ($1,588.55 million).
Life Insurance Corporation of India, which holds a 15% stake in Ranbaxy, has sold off a 6.91% stake in the
open offer. General Insurance Corporation of India has sold its 1.42% stake in the open offer.
Update on October 3, 2008:
The Cabinet Committee on Economic Affairs (CCEA) has approved the Daiichi Sankyo’s plan to acquire a
controlling stake in Ranbaxy Laboratories Limited.
Update on September 22, 2008:
Daiichi Sankyo has announced that its open offer to acquire 20% stake in Ranbaxy Laboratories has been
oversubscribed.
Update on September 4, 2008:
The European Commission has approved the proposed acquisition of Ranbaxy Laboratories by Daiichi
Sankyo.
Update on August 5, 2008:
Daiichi Sankyo has revised the schedule of its public offer for the acquisition of a 20% stake in Ranbaxy
Laboratories.
The offer will open on August 16, 2008 and close on September 4, 2008.
Announcement (June 11, 2008):
Daiichi Sankyo Company has made an open offer to acquire 20% stake in Ranbaxy Laboratories. Daiichi
Sankyo will acquire 92.51 million fully paid-up equity shares from the remaining shareholders at a price of
INR737 ($17.17) for each fully paid-up equity share in the open offer. The transaction is valued at
approximately INR68,186.59 million ($1,588.55 million).
The offer will open on August 8, 2008 and close on August 27, 2008.
Daiichi Sankyo has also made an offer to acquire a 34.8% stake in Ranbaxy Laboratories. Under local
stock market rules, Daiichi Sankyo is required to make an open offer for the additional 20% stake in
Ranbaxy Laboratories.
59
175
DIVESTMENTS
Rumor (June 6, 2008):
Daiichi Sankyo Company is planning to make an open offer to the public shareholders for 20% stake in
Ranbaxy Laboratories Limited.
ICICI Securities Limited is acting as the manager to the public offer and Nomura Securities Co., Ltd. is
acting as financial advisor to Daiichi. Karvy Computershare Pvt., Ltd. is acting as the registrar to the offer.
Target Ranbaxy Laboratories Limited (Inactive)
Acquirer Daiichi Sankyo Co., Ltd.
Seller/Vendor 1 Undisclosed Investor(s)
Deal value (estimated) ($m) 1,588.55
Deal sub-category Minority acquisition
Acquired % 20
Date of announcement Jun 11, 2008
Date of completion Oct 17, 2008
Deal rationale
The proposed acquisition of Ranbaxy provides Daiichi Sankyo an opportunity to complement its strong
presence in innovation with a new, strong presence in the fast growing business of non-proprietary
pharmaceuticals.
Deal financials
Valuation multiples (Ranbaxy Laboratories Limited (Inactive))
EV/Revenues 3.36
EV/EBITDA 16.30

60
176
DIVESTMENTS
Target: Ranbaxy Laboratories Limited (Inactive)
Pharmaceuticals and Healthcare

>Pharmaceutical Manufacturers
Diagnostics
>Vaccines
>Manufacturing Services and Outsourcing-->Manufacturing
>Pharmaceutical Manufacturers-->Biotech
Pharmaceuticals and Healthcare-->Pharmaceuticals-->Drug
Delivery
Pharmaceuticals and Healthcare-->Therapy Area
>Cardiovascular and Diabetes-->Cardiovascular Diseases
Industry >Cardiovascular and Diabetes-->Cardiovascular Diseases
61
177
DIVESTMENTS

Endocrinology
>Cardiovascular and Diabetes-->Cardiovascular Diseases--
>Hypertension
Nervous System
Nervous System-->Neurology
Nervous System
>Cardiovascular and Diabetes-->Cardiovascular Diseases--
>Stroke
62
178
DIVESTMENTS

Nervous System-->Neurology-->Multiple Sclerosis
Nervous System-->Neurology-->Epilepsy
Nervous System-->Neurology-->Alzheimer's Disease
Nervous System-->Neurology-->Parkinson's Disease
Nervous System-->Neurology-->Insomnia
Nervous System-->Psychiatry
Nervous System-->Pain
63
179
DIVESTMENTS
Nervous System-->Neurology-->Migraine
Nervous System-->Pain-->Fibromyalgia
Nervous System-->Pain-->Neuropathic Pain
64
180
DIVESTMENTS

Nervous System-->Psychiatry-->Depression
Nervous System-->Psychiatry-->Bipolar Disorders
Nervous System-->Psychiatry-->Schizophrenia
Nervous System
Nervous System
>Immunology and Inflammation-->Dermatology
>Infectious Diseases-->Parasitic Diseases
65
181
DIVESTMENTS

Pharmaceuticals and Healthcare-->Therapy Area-->Other
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
>Immunology and Inflammation-->Gastroenterology
66
182
DIVESTMENTS

67
183
DIVESTMENTS

>Genitourinary and Osteoporosis
>Oncology-->Hematology
Diseases
Diseases
Diseases
Diseases
Diseases
Endocrinology
Endocrinology
Diseases
Diseases
Diseases
68
184
DIVESTMENTS

Endocrinology
Endocrinology
Endocrinology
>Immunology and Inflammation
>Immunology and Inflammation-->Dermatology-->Psoriasis
>Immunology and Inflammation-->Dermatology-->Psoriasis
>Immunology and Inflammation-->Rheumatology--
>Rheumatoid Arthritis
>Immunology and Inflammation-->Rheumatology--
>Osteoarthritis
>Infectious Diseases-->Antibacterials
69
185
DIVESTMENTS

70
186
DIVESTMENTS
71
187
DIVESTMENTS

>Infectious Diseases-->Antifungals
72
188
DIVESTMENTS
>Infectious Diseases-->Parasitic Diseases-->Malaria
>Infectious Diseases-->Antibacterials-->Community
>Infectious Diseases-->Antibacterials-->Community
>Infectious Diseases-->Antibacterials-->Skin and Soft Tissue
Infections
Infections
Infections
Infections
>Infectious Diseases-->Antibacterials-->Urinary Tract
Infections
73
189
DIVESTMENTS

Infections
Infections
>Infectious Diseases-->Antivirals
>Infectious Diseases-->Antivirals-->Hepatitis B
>Infectious Diseases-->Antivirals-->Herpes
>Infectious Diseases-->Antivirals-->Human
Immunodeficiency Virus
>Genitourinary and Osteoporosis-->Sexual Health
>Genitourinary and Osteoporosis-->Urology-->Benign
Prostatic Hyperplasia
>Genitourinary and Osteoporosis-->Urology-->Benign
Prostatic Hyperplasia
>Genitourinary and Osteoporosis-->Sexual Health-->Sexual
Dysfunction
Endocrinology
Endocrinology
Endocrinology-->Diabetic Complications
74
190
DIVESTMENTS

Endocrinology-->Diabetes
Endocrinology-->Diabetes
Endocrinology
Diseases
Endocrinology
Endocrinology
Endocrinology
Endocrinology
Endocrinology
Endocrinology
Endocrinology
Endocrinology-->Obesity
>Genitourinary and Osteoporosis-->Women's Health--
>Osteoporosis
Endocrinology
Endocrinology
Diseases-->Dental
Diseases-->Dental
Diseases-->Dental
Diseases-->Dental
75
191
DIVESTMENTS

Diseases-->Dental
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases
Diseases-->Vitamin Deficiency
Diseases
Diseases
Diseases
Diseases
Diseases
>Oncology
>Oncology-->Hematology-->Leukemias
>Oncology-->Hematology-->Lymphomas
76
192
DIVESTMENTS
>Oncology-->Solid Tumors-->Breast Cancer

>Oncology-->Solid Tumors-->Brain Cancer-->Glioma
>Oncology
>Oncology
>Oncology-->Solid Tumors-->Gastrointestinal Cancer
>Oncology-->Solid Tumors-->Gynecological Cancer--
>Ovarian Cancer
>Oncology-->Solid Tumors-->Lung Cancer-->Non-Small Cell
Lung Cancer
>Oncology-->Solid Tumors-->Urological Cancer-->Prostate
Cancer
Cancer
Cancer
>Oncology-->Solid Tumors-->Urological Cancer
>Oncology-->Solid Tumors-->Urological Cancer-->Bladder
Cancer
Diseases-->Ophthalmology
Diseases-->Ophthalmology-->Conjunctivitis
Diseases-->Ophthalmology-->Keratitis
77
193
DIVESTMENTS

Diseases
Diseases
>Respiratory
>Respiratory-->Allergic Rhinitis
>Respiratory
>Respiratory
>Respiratory
>Respiratory-->Cystic Fibrosis
>Respiratory
>Respiratory
>Respiratory-->Chronic Obstructive Pulmonary Disease
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory-->Asthma
>Respiratory-->Asthma
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
>Respiratory
78
194
DIVESTMENTS
>Respiratory
>Respiratory
Diseases-->Poisoning
Diseases-->Poisoning
>Hormonal Contraception
>Endometriosis
Number of employees 11843
Address A-41 Industrial Area Phase VIII-A, SAS Nagar
State Punjab
Country India
Financial information – (Fiscal year 31-Dec-2007)
Revenues 47,783.22 1,211.78
EBITDA 9,865.56 250.19
Key ratios
Acquirer: Daiichi Sankyo Co., Ltd.
Company type Public

79
195
DIVESTMENTS
Stock exchange TYO (Tokyo Stock Exchange)
Ticker symbol 4568
Daiichi Sankyo Co., Ltd. (Daiichi Sankyo or 'the group') is a

Japan-based holding company primarily engaged in the
Business description manufacture and sales of pharmaceuticals. It operates in
Asia, Europe and the Americas. The group is headquartered
in Tokyo, Japan.
Pharmaceuticals and Healthcare

>Pharmaceutical Manufacturers
Industry
Address 3-5-1, Nihombashi Hon-cho
City CHUO-KU
State Tokyo
Country Japan
Website www.daiichisankyo.com
Vendor 1: Undisclosed Investor(s)

Industry
80
196
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
81
197
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
82
198
DIVESTMENTS
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
83
199
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
84
200
DIVESTMENTS
Diagnostics
Diagnostics
Diagnostics
85
201
DIVESTMENTS

Diagnostics
Diagnostics
86
202
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
87
203
DIVESTMENTS

Diagnostics
88
204
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
89
205
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
90
206
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
91
207
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
92
208
DIVESTMENTS

Diagnostics
Diagnostics
93
209
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
94
210
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
95
211
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
96
212
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
97
213
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
98
214
DIVESTMENTS
Diagnostics
Diagnostics
Diagnostics
Diagnostics
99
215
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
100
216
DIVESTMENTS
Diagnostics
Diagnostics
Diagnostics
Diagnostics
101
217
DIVESTMENTS

Diagnostics
Diagnostics
102
218
DIVESTMENTS
Diagnostics
Diagnostics
Diagnostics
Diagnostics
103
219
DIVESTMENTS

Diagnostics
Diagnostics
104
220
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
105
221
DIVESTMENTS

Diagnostics
Diagnostics
Diagnostics
Diagnostics


Address Central Office, 'Yogakshema',Jeevan Bima Marg, Jeevan

106
222
DIVESTMENTS
Bima Marg
City Mumbai
State Maharashtra
Country India
Advisor information
Acquirer : Daiichi Sankyo Co., Ltd.
Financial advisors
ICICI Securities Limited (Sub-category: Underwriters)
Nomura Securities Co., Ltd.
107
223
APPENDIX
APPENDIX
Contact Us
www.marketline.com
executives
• What we offer
• Coverage
research;
–
• Content
108
224
APPENDIX
109
225
APPENDIX
Merger
conditions:
Acquisition
stake in the target
Private equity
or another company

110
226
APPENDIX
funds
management team
Private placement
Venture financing
business concept

111
227
APPENDIX
Partnership
Deal status details
Deal value
of shares.

112
228
APPENDIX

acquirer
percentage
Debt-related fields
categories:

the acquirers
113
229
APPENDIX

shareholdings

114
230
APPENDIX
multiplied by 100.

Deal multiples

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
115
231
APPENDIX
Advisor information
particular deal.
orders submitted
as other
116
232
APPENDIX
About MarketLine
solution.
117
233
APPENDIX

118
T: + 44 161 238 4040| F: + 44 870 134 4371
234
Vendor, acquirer, target and partner report for Reliance Group and its subsidiaries. Includes
Mergers & Acquisitions, Private equity, Venture capital, Joint ventures, Alliances and
Investments
Reliance Group – Mergers & Acquisitions

(M&A), Partnerships & Alliances and
Investments
REFERENCE CODE: D7CC799C-2959-4897-A5E0-B83C43346CEE

WWW.MARKETLINE.COM
235
RELIANCE GROUP
Reliance Group (Reliance) is a industrial conglomerate engaged in providing services that range from
communications and financial services, to generation, transmission and distribution of power, infrastructure,
healthcare sectors, media and entertainment. The group operates through its subsidiaries, Reliance Capital Limited,
Reliance Communications Limited, Reliance Infrastructure, Reliance BigEntertainment, Reliance Naval and
Engineering Ltd and Reliance Power Limited. It operates in Asia Pacific, Africa, the Americas and Europe. Reliance is
headquartered in Mumbai, Maharashtra, India.
Key facts
Country India
Telephone 91 22 2278 5000
Reliance Group– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
236
Reliance Group activity by deal type - volume (2014-YTD2018)
Source: Financial Deals DATAMONITOR
Deal type 2014 2015 2016 2017 2018
Partnership (Pship) - - 1 - -
237
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF TABLES .................................................................................... 5
LIST OF FIGURES .................................................................................. 5


PARTNERSHIP ..................................................................................... 21
Partnership – Overview ..................................................................................................................... 21
APPENDIX............................................................................................. 34
Contact Us ......................................................................................................................................... 34
238
TABLE OF CONTENTS
LIST OF TABLES
Table 1: Reliance Group partnership volume and value trend (2014-YTD2018) 21
Table 2: Reliance Group partnership trend by key deal type (2014-YTD2018) 21
LIST OF FIGURES
Figure 1: Reliance Group partnership volume and value trend (2014-YTD2018) 21
Figure 2: Reliance Group partnership trend by key deal type (2014-YTD2018) 21
239

Reliance Group targets and partners (2014 -YTD2018)
Reliance Group-Target/Partner name Deal Date Deal type Deal value ($m)
Jasper Wireless, Inc. (United States) Nov 15, 2016 Partnership -
240

Deal Report: Reliance – Anil Dhirubhai Ambani Group acquires 15% stake in new Kerala
airport
Deal in brief
Reliance – Anil Dhirubhai Ambani Group, an Indian diversified business group, has acquired a 15% stake
in a new international airport at Aranmula in Pathanamthitta district of central Kerala, India, for a
consideration of INR2,250 million ($48.3 million).
The airport is promoted by Promoted by KGS Aranmula Airport, Ltd. and the promoters hold a 51% stake
in the project. Aranmula Aviation, Ltd., a company promoted by a consortium of Keralite organizations in
North America and Mount Zion Trust, promoted by businessman Abraham Kalamannil, holds 30% stake.
The state government-owned Kerala Industrial Infrastructure Development Corporation is also likely to
acquire around 10% stake in the project.
Target Undisclosed Company - International Airport - Kerala, India
Acquirer Reliance Group
Acquired % 15
Date of completion Sep 04, 2010
Target: Undisclosed Company - International Airport - Kerala, India
The international airport is located at Aranmula in

Pathanamthitta district of central Kerala, India.
Industry Transport and Logistics

Transport and Logistics-->Transport Infrastructure-->Airports
Address Aranmula
City Pathanamthitta
7
241
State Kerala
Country India
242
Deal Report: Anil Dhirubhai Ambani Group to acquire PT Berau Coal
Deal in brief
Reliance Anil Dhirubhai Ambani Group (ADAG), a holding company operating in financial, communications,
infrastructure and entertainment sectors, intends to acquire PT Berau Coal, a company engaged in coal
production in Indonesia.
PT Berau is a three-way joint venture between PT Armadian Tritunggal (51%), a Dutch company dan
Rognar Holding BV (39%) and a Japanese firm Sojitz Corp (10%).
JSW Energy Limited is also considering a proposal to acquire a stake in the PT Berau. Merrill Lynch & Co.,
Inc. is acting as advisor for PT Berau in the transaction.
Target Pt. Berau Coal
Deal rationale
The acquisition of PT Berau is a perfect fit for ADAG's power generation business.
Target: Pt. Berau Coal
Energy and Utilities-->Commodity-->Coal

Industry Metals and Mining
Address Jl Pemuda No 40, Tanjung Redeb
City Berau
Country Indonesia
Website www.beraucoal.co.id
9
243
Phone number 62 - 217264778
Advisor information
Target : Pt. Berau Coal
Financial advisors
Merrill Lynch & Co., Inc.
10
244
CORPORATE VENTURING
CORPORATE VENTURING
Deal Report: Reliance Infrastructure to raise $913 million through placement
Deal in brief
Reliance Infrastructure, Ltd., an energy company, is planning to raise approximately INR43,000 million
($913 million) through a private placement.
Reliance Infrastructure will issue 42.9 million warrants convertible into shares, to Reliance – Anil Dhirubhai
Ambani Group, a diversified holding company, at a price of INR1,000 ($21.44) per share. Both the
Under the terms of the agreement, Reliance Infrastructure will receive 25% of the amount on allotment
through an upfront payment of around INR10,750 million ($288 million), and the balance upon the
conversion.
Life Insurance Corporation of India, and other insurance companies will be provided an opportunity to
participate in the proposed offering, on the same terms and conditions.
Following the completion, Reliance – Anil Dhirubhai Ambani Group will increase its stake in Reliance
Infrastructure from 38% to 48%.
Simultaneously, the Board has approved the cancellation of 43 million equity warrants issued to the
promoter group on January 20, 2008. The purchase cost to the promoter group, after taking into
consideration of INR7,830 million ($199.24 million) already received on warrants issued earlier, which now
have been cancelled, to be approximately INR1,183 ($25.4) per share, representing a premium of 83% to
the average price of the preceding three months.
Target Reliance Infrastructure Ltd.
Date of announcement May 24, 2009
Deal rationale
The transaction would allow Reliance Infrastructure to increase its net worth and borrowing ability. It would
11
also allow the company to participate in the infrastructure sector for future growth opportunities.
245
CORPORATE VENTURING
Security type Convertible debt
Target: Reliance Infrastructure Ltd.
Company type Public
Ticker symbol RELINFRA
Reliance Infrastructure Ltd. (Reliance Infrastructure or 'the

company') is a utility company engaged in generation,
transmission, distribution and trading of power. It also
provides engineering, procurement and construction (EPC)
Business description services for developing power and road projects. The
company primarily operates in India. It is headquartered in
Navi Mumbai and employed about 7,755 people as on
March 31, 2015.
Energy and Utilities-->Commodity-->Coal
Fuels
>Renewables
Energy-->Production
Industry >Distribution
>Transmission
Energy and Utilities-->Utilities-->Utilities Retail-->Energy
Services
Energy and Utilities-->Utilities-->Utilities Retail-->Major
Energy User Retail
Energy and Utilities-->Utilities-->Utilities Retail-->Residential
Retail
Energy and Utilities-->Utilities-->Utilities Retail-->SME Retail
Energy and Utilities-->Utilities-->Wholesale Energy--
>Trading and Risk Management
Address H Block 1st Floor, Dhirubhai Ambani Knowledge City
Country India
Website www.rinfra.com/home.html
12
246
CORPORATE VENTURING
Phone number 91 22 3009 8181
13
247
CORPORATE VENTURING
Reliance Energy
Deal in brief
Deal rationale
borrowing capabilities, to enable greater participation in these growth opportunities in high growth areas.
Deal financials

14
248
CORPORATE VENTURING
EV/Revenues 2.41
EV/EBITDA 11.09
Bid premium (%) 5

>Renewables-->Wind
Industry
>Distribution
>Transmission
Energy
Energy-->Production
City Mumbai
State Maharashtra
15
249
CORPORATE VENTURING
Country India
Revenues 65,841.10 1,516.32
EBITDA 14,330.78 330.04
Key ratios



Casualty
Industry Casualty-->Personal Insurance-->Accident and Health
Casualty
Casualty
16
250
CORPORATE VENTURING

Health
City Chennai
State Tamil Nadu
Country India


Casualty 17
251
CORPORATE VENTURING

Casualty
City New Delhi
State Delhi
Country India

Financial Services
Industry
Casualty
City Mumbai
Country India
Company type Public

Business description India. Its reinsurance portfolio includes oil and energy,
aviation, fire, marine cargo and hull, agriculture and credit,
among others. The company operates in India, the UK, the 18
252
CORPORATE VENTURING

in Mumbai, India.
Financial Services
Casualty
Casualty
Country India
Phone number 91 22 2286 7000



Address
Bima Marg
City Mumbai
State Maharashtra
Country India

Business description insurance, health insurance, rural insurance, commercial
19
253
CORPORATE VENTURING

Bengal, India.

Casualty
Casualty
Industry
Organizations
City Kolkata
State West Bengal
Country India

20
254
PARTNERSHIP
PARTNERSHIP
Partnership – Overview
Figure 1: Reliance Group partnership volume and value Figure 2: Reliance Group partnership trend by key deal type
trend (2014-YTD2018) (2014-YTD2018)
Table 1: Reliance Group partnership volume and value trend Table 2: Reliance Group partnership trend by key deal type
(2014-YTD2018) (2014-YTD2018)
Year Volume Value ($m) Type of partnership Volume
2014 - - Joint Venture 1
2015 - -
2016 1 -
2017 - -
2018 - -
Note: One patnership agreement can have multiple deal types
21
255
PARTNERSHIP
Deal Report: Reliance forms joint venture with Jasper
Deal in brief
Reliance - Anil Dhirubhai Ambani Group, an India-based diversified holding company, has formed a joint
venture (JV) with Jasper, Inc., a US-based provider of cloud-based Internet of Things (loT) service platform.
The new JV called Unlimit will provide IoT services to Indian enterprises.
Partner 1 Reliance Group
Partner 2 Jasper Wireless, Inc.
Deal sub-category Joint venture
Partner 1: Jasper Wireless, Inc.
Jasper Wireless, Inc. is a provider of machine-to-machine

communication services by converging in wireless
technologies and on-demand internet applications. Its
Business description service model features the Jasper Wireless M2M Global
SIM, expert M2M design services, and the Jasper Wireless
M2M Control Center for real-time visibility and control to help
M2M application providers.
Communications
Communications-->Telecoms Market
Industry
Address 501 Macara Avenue, Suite 202
City Sunnyvale
State California
Country United States
Website www.jasperwireless.com
22
256
PARTNERSHIP
23
257
PARTNERSHIP
Deal Report: Reliance – Anil Dhirubhai Ambani to form joint venture with Dalian Wanda
Group
Deal in brief
Reliance – Anil Dhirubhai Ambani Group has signed an agreement to form a joint venture (JV) with Dalian
Wanda Group Co., Ltd. to build integrated township projects in India.
Reliance is an India-based diversified holding company and Wanda Group is a China-based developer of
commercial properties, luxury hotels, cultural industries, film screens, and chain stores.
The JV will initially develop 135 acres owned by Reliance Communications, Ltd. in Navi Mumbai, India and
80 acreas with Reliance Infrastructure in Hyderabad, India.
Partner 2 Dalian Wanda Group Co., Ltd.
Partner 1: Dalian Wanda Group Co., Ltd.
Dalian Wanda Group Co., Ltd. is a developer of commercial

Business description properties, luxury hotels, cultural industries, film screens,
and chain stores.
Industry Construction and Real Estate

Floor 28, Wanda Mansion, No. 9 Jiefang Street, Zhongshan

Address
District
City Dalian
Country China
Website www.wanda.com.cn
Phone number 86 41 1828 22888
24
258
PARTNERSHIP
Deal Report: Reliance – Anil Dhirubhai Ambani Group forms joint venture with Krishak
Bharati Cooperative
Deal in brief
Reliance – Anil Dhirubhai Ambani Group (Reliance ADAG), a diversified holding company, has formed a
joint venture with Krishak Bharati Cooperative Limited (KRIBHCO), a manufacturer of urea, ammonia, and
bio-fertilizers. Both the companies are based in India.
The joint venture, Kribhco Reliance Kisan Limited, will market telecom products of Reliance
Communications, both GSM and CDMA, and also distribute products and services of other business
enterprises of Reliance ADAG, including Reliance Capital, Reliance Entertainment, and BIG TV DTH.
KRIBHCO would hold a 60% stake in the joint venture, while the balance 40% would be held by Reliance
ADAG.
Partner 2 Krishak Bharati Cooperative Limited
Date of completion Jun 09, 2009
Partner 1: Krishak Bharati Cooperative Limited
Krishak Bharati Cooperative Limited is a manufacturer of

urea, ammonia and bio-fertilizers.
Industry Chemicals
Chemicals-->Agrochemicals-->Fertilizer
Address KRIBHCO Bhavan, A-8-10, Sector 1
City Noida
State Uttar Pradesh
Country India
Website www.kribhco.net
Phone number 91 120 253 4613
25
259
PARTNERSHIP
Deal Report: DreamWorks to form joint venture with Reliance – Anil Dhirubhai Ambani
Group
Deal in brief
Reliance – Anil Dhirubhai Ambani Group (Reliance ADAG), an India-based diversified holding company,
has agreed to invest $550 million in the joint venture to be formed with DreamWorks Animation SKG, Inc., a
US-based company engaged in developing and producing computer generated animated feature films.
JPMorgan Securities is leading a syndicate of banks to raise approximately $700 million.
The 50:50 joint venture will be launched by January 2009 and will produce 30 to 35 films over the next five
years. The transaction is valued at approximately $1,500 million.
Announcement (September 19, 2008):
DreamWorks Animation SKG, Inc. has signed an agreement with Reliance ADAG to set up a new $1,200
million film company.
Under the terms of the agreement, Reliance will invest about $500 million in equity, while JP Morgan Chase
& Co., Inc. will provide another $700 million in debt towards the new venture.
Update on August 9, 2008:
According to the Wall Street Journal, the proposed joint venture between DreamWorks Animation SKG
and Reliance ADAG to set up a new movie company is nearing completion.
Under the terms of the joint venture, Reliance ADAG is likely to invest $500 million in the new movie
venture and another $500 million in debt through JP Morgan Chase & Co. Dreamworks plans to produce
about six films with Reliance ADAG and is likely to get them distributed by Universal Pictures.
Rumor (June 18, 2008):
According to Hemscott, the Wall Street Journal reported that DreamWorks Animation SKG, Inc. is planning
to enter into a joint venture agreement with Reliance – Anil Dhirubhai Ambani Group, to form a new movie
venture.
The transaction is valued in between $500 million to $600 million.
DreamWorks is planning for another $500 million in debt financing to give the venture enough money and
to make about six films a year.
Partner 1 DreamWorks Animation SKG, Inc.
26
260
PARTNERSHIP
Deal rationale
The transaction would give Spielberg the cash to finance DreamWorks' departure from Viacom Inc.'s
Paramount Pictures. It would also enable Reliance ADAG to strengthen its media business.
Partner 1: DreamWorks Animation SKG, Inc.
Company type Public
Stock exchange NASD(NASDAQ)
Ticker symbol DWA
DreamWorks Animation SKG, Inc. (DreamWorks Animation

or "the company") creates computer generated (CG)
animated feature films, television specials and series and
Business description live entertainment properties and related consumer products.
The company operates primarily in the US, where it is
headquartered in Glendale, California and employed 2,300
people as on December 31, 2015.
Media-->Advertising-->Film and Cinema Advertising
Media
Media-->Broadcasting-->Television Broadcasting
Media-->Motion Pictures and Sound Recording
Media-->Motion Pictures and Sound Recording-->Cinema
Film Production
Media-->Motion Pictures and Sound Recording-->Video
Industry Production
Film Distribution
Distribution
Media-->Multimedia Services
Technology and Services-->Consumer IT-->Consumer
Software
Leisure and Arts
Address Campanile Building, 1000 Flower Street
Website www.dreamworksanimation.com
27
261
DIVESTMENTS
Deal Report: Prysmian acquires 51% stake in Ravin Cables
Deal in brief
Prysmian S.p.A., an Italian provider of cables and systems for energy and telecommunications, has
acquired a 51% stake in Ravin Cables Limited, an India-based manufacturer of cables, for a consideration
of approximately EUR26 million.
As part of the transaction, Prysmian subscribed for new shares of Ravin and acquired the remaining stake
from existing shareholders including Tano Capital LLC and Reliance – Anil Dhirubhai Ambani Group.
Singhi Advisors Limited acted as financial advisor and Nishith Desai Associates acted as legal advisor to
Ravin, and Allen & Overy LLP acted as legal advisor to Prysmian on the transaction.
Target Ravin Cables Limited
Acquirer Prysmian S.p.A.
Seller/Vendor 1 Reliance Group
Seller/Vendor 2 Tano Capital, LLC
Acquired % 51
Deal rationale
The acquisition will give Prysmian a manufacturing presence in India and Middle East, particularly in the
value utilities business.
Target: Ravin Cables Limited
Business description Ravin Cables Limited is a power cable manufacturer. The

28
262
DIVESTMENTS
company offers low tension cables, high tension cables, fire

survival cables and aerial bunched cables. In addition, the
company offers cable laying, cable jointing and termination
services.
Industry Construction and Real Estate-->Special Trade Contractors

Industrial Goods and Machinery-->Wires and Cables
Number of employees 355
Address 302, Akruti Trade Centre, MIDC Road. No.7, Andheri (E)
City Mumbai
State Maharashtra
Country India
Website www.primecabkabel.com
Phone number 91 22 3081 6666
Financial parameters Euro (EUR) (m) ($m)
Revenues 45 59.43
EBITDA 4.40 5.81
Key ratios
Operating margin (%) -
Acquirer: Prysmian S.p.A.
Company type Public
Stock exchange BIT (Borsa Italiana)
Ticker symbol PRY
Prysmian S.p.A. (Prysmian or 'the group') is engaged in

offering cables and systems for the energy, and telecom
cables and systems industry. The group offers underground
and submarine power transmission and distribution cables
and systems, special cables, medium and low voltage
cables, cables and accessories, and optical fibers, among
others. Prysmian operates in Europe, the Middle East, Africa
(EMEA), the Americas, and Asia-Pacific. It is headquartered
in Milan, Italy and employed approximately 19,000 people as
of FY2015.
Industry Industrial Goods and Machinery

Industrial Goods and Machinery-->Wires and Cables
Address Viale Sarca 222, 20126 Milan
Country Italy
29
263
DIVESTMENTS
Website prysmiangroup.com
Vendor 2: Tano Capital, LLC
Industry Asset management firm, swaps dealer
Tano Capital, LLC is a family office service provider. The

company offers wealth management services to high-net-
worth individuals (HNWIs have a net worth of US$1 million or
more, excluding their primary residence), businesses, and
wealthy families. It offers alternative asset management and
investment services. Tano Capital, LLC invests in
commodities and hard assets such as lead, copper,
platinum, sugar, corn, copper, oil, natural gas, water, and
coffee. The company also invests in the Indian and Chinese
industries including retailing, banking and finance,
automotive, infrastructure, healthcare, hospitality, media,
steel, cement, real estate, and consumer electronic goods. It
has a presence in the US, Singapore, India, Mauritius,
China, Taiwan, and Japan. The minimum initial investment
generally ranges between US$1 million and US$10 million.
Tano Capital, LLC reported assets under management
(AuM) of US$293.77 million as on December 31, 2015. It
had historical AuM figure of US$379.73 million as on
December 31, 2014. Tano Capital, LLC Capital is
headquartered in San Mateo, California, the US.
Address One Franklin Parkway , Building 970, 2nd Floor
City San Mateo
State California
Website www.tanocap.squarespace.com
Advisor information
Target : Ravin Cables Limited
Financial advisors
Singhi Advisors Limited
Legal advisors
Nishith Desai Associates
Acquirer : Prysmian S.p.A.
Legal advisors
30
264
DIVESTMENTS
Allen & Overy LLP, UK (Executive: Mazhar Khan; Office: Dubai; Country: United Arab Emirates)
Allen & Overy LLP, UK (Executive: Victoria Honey; Office: Dubai; Country: United Arab Emirates)
Allen & Overy LLP, UK (Executive: Simon Roderick; Office: Dubai; Country: United Arab Emirates)
31
265
DIVESTMENTS
Deal Report: George Soros Quantum Fund acquires 3% stake in Reliance Entertainment
Deal in brief
The George Soros Quantum Fund, a fund operated by US-based investment firm Soros Fund Management
LLC, has acquired a 3% stake in Reliance Entertainment Pvt., Ltd., a media and entertainment unit of
Reliance – Anil Dhirubhai Ambani Group, an Indian-based diversified holding company, for INR4,000
million ($100 million).
Target Reliance Big Entertainment Pvt., Ltd.
Acquirer The George Soros Quantum Fund
Seller/Vendor Reliance Group
Deal value ($m) 100
Acquired % 3
Target: Reliance Big Entertainment Pvt., Ltd.
Reliance Entertainment is a media and entertainment

company. The company distributes movies, music, sports,
gaming, Internet, and mobile portals. The company's Adlabs
Films Limited is engaged in film processing, production,
exhibition, and digital cinema. It also involved in FM radio
business.
Media
Media-->Broadcasting-->Radio Broadcasting
Film Production
Industry Production
Film Distribution
Distribution
32
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DIVESTMENTS
Leisure and Arts
Country India
Acquirer: The George Soros Quantum Fund
Industry Venturecapital
The George Soros Quantum Fund belongs to Soros Fund

Management Llc, a foreign institutional investor.
Address 888 Seventh Avenue, 33rd Floor
City New York
State New York
33
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APPENDIX
APPENDIX
Contact Us
www.marketline.com
executives
• What we offer
• Coverage
research;
–
• Content
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APPENDIX
35
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APPENDIX
Merger
conditions:
Acquisition
stake in the target
Private equity
or another company

36
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APPENDIX
funds
management team
Private placement
Venture financing
business concept

37
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APPENDIX
Partnership
Deal status details
Deal value
of shares.

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APPENDIX

acquirer
percentage
Debt-related fields
categories:
the acquirers
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APPENDIX

shareholdings

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APPENDIX
multiplied by 100.


Deal multiples

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
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APPENDIX
Advisor information
particular deal.
orders submitted
as other
42
276
APPENDIX
About MarketLine
solution.
43
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APPENDIX

44
T: + 44 161 238 4040| F: + 44 870 134 4371
278
Vendor, acquirer, target and partner report for Edelweiss Financial Services Ltd and its
Edelweiss Financial Services Ltd – Mergers &

Acquisitions (M&A), Partnerships & Alliances
and Investments
REFERENCE CODE: 27C125A1-0EE4-4E64-90BF-64BA67A2FC34

WWW.MARKETLINE.COM
279
EDELWEISS FINANCIAL SERVICES LTD
Edelweiss Financial Services Ltd (Edelweiss) is a financial services company. It is engaged in financial markets,
franchise business, credit business, asset management services, commodities, life insurance and retail finance. The
company offers various financial products and services which include investment banking, institutional equities,
mutual fund, home loans, insurance broking and retail brokerage services. These financial products and services are
offered corporations, institutions and individuals. The company operates in India. Edelweiss is headquartered in
Mumbai.
The company reported revenues of (Rupee) INR85,809.9 million for the fiscal year ended March 2018 (FY2018), an
increase of 30.2% over FY2017. In FY2018, the company’s operating margin was 16.1%, compared to an operating
margin of 13.9% in FY2017. In FY2018, the company recorded a net margin of 10.4%, compared to a net margin of
9.2% in FY2017.
The company reported revenues of INR24,354.7 million for the first quarter ended June 2018, a decrease of 6.6%
over the previous quarter.
Key facts
Address Edelweiss House, Off CST Road
State Maharashtra
Country India
Edelweiss Financial Services Ltd– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
Telephone 91 22 40094400
Fax 91 22 40863759
Website www.edelweissfin.com
Exchange / Ticker BOM / 532922
280
Edelweiss Financial Services Ltd activity by deal type - Edelweiss Financial Services Ltd M&A average deal size -
volume (2014-YTD2018) value ($m)
Acquisition (ACQ) 1 - 1 - - 2014 1 -
Capital raising - - 1 - - 2015 - -
(CR) 2016 1 -
Corporate - 2 1 2 - 2017 - -
venturing (CV)
2018 - -
Divestments (DIV) - 1 - - -
Private equity - 1 - - -
(PE)
Deal value
($m)
Private
National Insurance Company Limited (India) Mar 27, 2017 Completed 136.45
placement
Venture
Wonderschool (United States) Jun 19, 2017 Completed 2
financing
Private
Edelweiss Financial Services Ltd (India) May 13, 2016 Announced 374.64
placement
Private
VGN Developers Private Limited (India) Apr 10, 2015 Completed 107.6
placement
Private
Parsvnath Developers Limited (India) Mar 30, 2015 Completed 56.56
placement
281
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF TABLES .................................................................................... 6
LIST OF FIGURES .................................................................................. 6

Corporate Venturing – Overview ...................................................................................................... 20
PARTNERSHIP ..................................................................................... 60
CAPITAL RAISING ............................................................................... 63

DIVESTMENTS ..................................................................................... 94
Divestments – Overview .................................................................................................................... 94
PRIVATE EQUITY & OWNERSHIP ...................................................... 99

Private Equity and Ownership – Overview ...................................................................................... 99
Private Equity and Ownership – Deal reports ............................................................................... 100
282
TABLE OF CONTENTS
APPENDIX........................................................................................... 109
Contact Us ....................................................................................................................................... 109
283
TABLE OF CONTENTS
LIST OF TABLES
Table 1: Edelweiss Financial Services Ltd M&A volume and value trend (2014-YTD2018) 8
Table 2: Edelweiss Financial Services Ltd M&A activity by geography (2014-YTD2018) 8
Table 3: Edelweiss Financial Services Ltd corporate venturing volume and value trend (2014-YTD2018) 20
Table 4: Edelweiss Financial Services Ltd corporate venturing by geography (2014-YTD2018) 20
Table 5: Edelweiss Financial Services Ltd capital raising volume and value trend (2014-YTD2018) 63
Table 6: Edelweiss Financial Services Ltd capital raising by deal type (2014-YTD2018) 63
Table 7: Edelweiss Financial Services Ltd divestments volume and value trend (2014-YTD2018) 94
Table 8: Edelweiss Financial Services Ltd divestments activity by geography (2014-YTD2018) 94
Table 9: Edelweiss Financial Services Ltd private equity and ownership volume and value trend (2014-
YTD2018) 99
Table 10: Edelweiss Financial Services Ltd private equity and ownership activity by deal type (2014-
YTD2018) 99
LIST OF FIGURES
Figure 1: Edelweiss Financial Services Ltd M&A volume and value trend (2014-YTD2018) 8
Figure 2: Edelweiss Financial Services Ltd M&A activity by geography (2014-YTD2018) 8
Figure 3: Edelweiss Financial Services Ltd corporate venturing volume and value trend (2014-YTD2018) 20
Figure 4: Edelweiss Financial Services Ltd corporate venturing by geography (2014-YTD2018) 20
Figure 5: Edelweiss Financial Services Ltd capital raising volume and value trend (2014-YTD2018) 63
Figure 6: Edelweiss Financial Services Ltd capital raising by deal type (2014-YTD2018) 63
Figure 7: Edelweiss Financial Services Ltd divestments volume and value trend (2014-YTD2018) 94
Figure 8: Edelweiss Financial Services Ltd divestments by geography (2014-YTD2018) 94
Figure 9: Edelweiss Financial Services Ltd private equity and ownership volume and value trend (2014-
YTD2018) 99
Figure 10: Edelweiss Financial Services Ltd private equity and ownership by deal type (2014-YTD2018) 99
284

Edelweiss Financial Services Ltd targets and partners (2014 -YTD2018)
Edelweiss Financial Services Ltd-Target/Partner

name
Wonderschool (United States) Jun 19, 2017 Venture financing 2
National Insurance Company Limited (India) Mar 27, 2017 Private placement 136.45
Ambit Alpha Fund (India) Sep 22, 2016 Acquisition -
GOQii (United States) Feb 10, 2016 Venture financing -
VGN Developers Private Limited (India) Apr 10, 2015 Private placement 107.6
Parsvnath Developers Limited (India) Mar 30, 2015 Private placement 56.56
Forefront Capital Management Pvt. Ltd. (India) May 1, 2014 Acquisition -
285

Figure 1: Edelweiss Financial Services Ltd M&A volume and Figure 2: Edelweiss Financial Services Ltd M&A activity by
value trend (2014-YTD2018) geography (2014-YTD2018)
Table 1: Edelweiss Financial Services Ltd M&A volume and Table 2: Edelweiss Financial Services Ltd M&A activity by
value trend (2014-YTD2018) geography (2014-YTD2018)
2014 1 - North America -
2015 - - Europe -
2016 1 - Asia-Pacific 2
286
Deal Report: Edelweiss Financial Services to acquire Ambit Alpha Fund
Deal in brief
Edelweiss Financial Services, Ltd., a diversified financial services Group, has agreed to acquire Ambit
Alpha Fund, an alternate investment fund (AIF) managed by Ambit Investment Advisors Pvt., Ltd., a
provider of investment management and advisory services. All the entities are based in India.
Target Ambit Alpha Fund
Acquirer Edelweiss Financial Services Ltd
Seller/Vendor Ambit Investment Advisors Pvt., Ltd.
Deal rationale
The transaction will enable Edelweiss to strengthen its global assets management (GAM) business.
Target: Ambit Alpha Fund

Ambit Alpha Fund is an alternative investment of Ambit
Business description Investment Advisors Pvt. Ltd. The company is
headquartered in India.
Country India
Website www.ambitfundsindia.com
Vendor: Ambit Investment Advisors Pvt., Ltd.
Ambit Investment Advisors Pvt., Ltd. is a provider of

investment management and advisory services.
Address Ambit House, 449

9
287
City Mumbai
State Maharashtra
Country India
Website www.ambitfundsindia.com
Phone number 91 22 3982 1819
10
288
Deal Report: Edelweiss Fin Services acquires Forefront Capital Management
Deal in brief
Edelweiss Financial Services, Ltd., a provider of diversified financial services, has acquired Forefront
Capital Management Pvt., Ltd., an asset management company. Both the entities are based in India.
Target Forefront Capital Management Pvt. Ltd.
Date of completion May 01, 2014
Deal rationale
The acquisition will further strengthen and diversify Edelweiss’s presence in the asset management space,
and provide additional investment solutions to its clients.
Target: Forefront Capital Management Pvt. Ltd.
Industry Asset management firm, quasi-government organization
Forefront Capital Management Pvt. Ltd is a high net worth

focused asset management company. The company
currently manages a wide array of investments focused on
the absolute return space, from value oriented equity
strategies to multi-asset allocation strategies and has
developed deep expertise in the full spectrum of India
focused asset management - research, advisory,
investments and trade execution.
Address 111 TV Industrial Estate, S.K. Ahire Marg
City Mumbai
State Maharashtra
Country India
Website www.forefrontcap.com
Phone number 91 22 2494 4807
11
289
Deal Report: Edelweiss acquires Millet brand from Groupe Lafuma
Deal in brief
Edelweiss has acquired the Millet brand in Korea from Groupe Lafuma, a France-based manufacturer of
sports and outdoors equipment, for EUR5.8 million.
Target Groupe Lafuma - Millet Brand - Korea
Seller/Vendor Groupe Lafuma
Deal value (Andorra,Euro (EUR))(m) 5.80
Deal sub-category Asset purchase
Date of completion Mar 12, 2009
Target: Groupe Lafuma - Millet Brand - Korea
The Millet brand of Groupe Lafuma in Korea manufactures

Business description and retails clothing, shoes, bags, and equipment for
mountaineering, free climbing, and skiing.
Retailing-->Clothing, Footwear, Accessories and Luxury

Goods-->Accessories
Goods-->Clothing
Industry
Goods-->Footwear
Consumer Packaged Goods-->Other Consumer Products--
>Clothing, Footwear, Accessories and Luxury Goods--
>Clothing
Vendor: Groupe Lafuma
Groupe Lafuma is a manufacturer of sports and outdoors

equipment. Its products include clothing, shoes, bags,
shoes, and equipment and clothing for sports. The company
is also engaged in retailing its produts through its stores. 12
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Goods-->Accessories
Goods-->Clothing
Goods-->Footwear
Industry Retailing-->Other Specialist Retailers-->Sporting Goods
>Sports Goods
>Sports Goods-->Sports Clothing and Footwear
>Clothing
Address BP 60
City Anneyron
Country France
Website www.groupe-lafuma.com
Phone number 33 04 75 31 31 31
13
291
Deal Report: Percept Limited raises $35.64 million from private equity firms
Deal in brief
Percept Limited, an entertainment, media, and communications company, has raised INR 1,500 million
($35.64 million) through private equity, from Edelweiss Capital Limited, a financial services company,
Passport Capital LLC, an investment firm, and Indivision India Partners (IIP).
Target Percept Limited
Acquirer 1 Edelweiss Financial Services Ltd
Acquirer 2 Passport Capital, LLC
Acquirer 3 Indivision India Partners
Deal rationale
The transaction would scale up Percept's content and IPR businesses, and the funds would be used in
building presence and strength in the entertainment, media and communications domain, including creation
of knowledge practices, proprietary tools and assets, and creation of asset and talent ownership. The funds
would also be deployed in acquisitions and partnerships, for the creation of knowledge practices,
proprietary tools and assets, and for asset and talent ownership.
Target: Percept Limited
Percept Limited operates as an entertainment, media, and

communications company in India, Bahrain, and the United
Arab Emirates. The company’ entertainment services include
talent management, sports, and experiential and
entertainment marketing, as well as content creation,
aggregation, and distribution services. It also provides media
services, such as out-of-home and digital media services, as
well as media management and consultancy, media
concessionaires, and project management services. In
addition, it offers communications services, which include 14
292
advertising, public relations, integrated marketing

communications consultancy, marketing and media buying.
The company was founded in 1984 and is based in Mumbai,
India with additional offices in India and the Middle East.
Media-->Advertising
Media-->Advertising-->Media Buying Services
Industry
Media-->Advertising-->Media Planning and Representation
Business and Consumer Services-->Marketing Services
Business and Consumer Services-->Public Relations
Address P22, Raghuvanshi Estate, 11/12, Senapati Bapat Marg
City Mumbai
State Maharashtra
Country India
Website www.perceptindia.com
Phone number 91 22 3044 8400
Acquirer 2: Passport Capital, LLC
Industry Investment company, nasd member broker/dealer
Passport Capital, LLC is an employee owned hedge fund
sponsor. The company provides services to pooled
investment vehicles. The company also invests in public
equity and alternative investments markets across the globe.
Address One Market Street, Steuart Tower
City San Francisco
State California
Website www.passportcapital.com
Acquirer 3: Indivision India Partners
Indivision India Partners is a Mauritius-based fund focused

on growth capital private equity.
Country Mauritius
15
293
Deal Report: Edelweiss Capital and Lehman Brothers invests in ECL Finance
Deal in brief
Edelweiss Capital Limited, a financial services company, along with Lehman Brothers Holdings, Inc,
Government of Singapore, Galleon Partners, L.P., and SHUAA Capital p.s.c., have invested approximately
INR4,000 million ($101.87 million) in ECL Finance Limited, a non-banking finance company of Edelweiss
Capital, through a subscription to fresh equity issuance which comprise 23.3% of the post issued capital.
Through this transaction, Edelweiss Capital's shareholding in ECL Finance will reduce to 62.5% from the
existing 74% stake.
Target ECL Finance Limited
Acquirer 1 Government of Singapore
Acquirer 3 SHUAA Capital p.s.c.
Acquirer 4 Lehman Brothers, Inc.
Acquirer 5 Galleon Partners, L.P.
Deal value (estimated) ($m) 101.87
Acquired % 23.3
Deal rationale
ECL Finance intends to utilize the proceeds for its on going business plans.
Target: ECL Finance Limited
ECL Finance Limited is a provider of non-banking financial

services including financing, money lending, bill discounting,
factoring, and corporate lending with or without securities.
Business description The company also provides corporate finance, structured
finance, loans against property, loans against securities, real
estate finance loans, public issue financing, sme finance and
other financial products. 16
294
Financial Services
Industry Financial Services-->Retail Banking and Lending
Financial Services-->Retail Banking and Lending--
>Consumer Lending
Address Nariman Point, 14th Floor Express Towers
City Mumbai
State Maharashtra
Country India
Acquirer 1: Government of Singapore
Singapore is a democratic parliamentary republic state

operating through a three tier system consisting of a
Legislature, and Judiciary. The major functions of the
government are classified into four divisions, namely, Social
Development, Security and External Affairs, Economic
Development, and Government Administration. The
government's services are mainly centered towards three
key domains, namely, Citizens and Residents, Businesses
and Non-Residents which represents focus and efficiency in
the system with custom made solutions for all three
segments. The government's Prime Minister’s Office (PMO)
is headquartered in Singapore.

Organizations
Industry Government and Non-Profit Organisations-->Governmental
Organizations
Industrial Goods and Machinery-->Battery Manufacturing
>Highway Operators
Address Orchard Road
City Istana
Country Singapore
Website www.gov.sg
Phone number 65 62358577
Acquirer 3: SHUAA Capital p.s.c.
SHUAA Capital p.s.c. is a financial services firm that offers a

range of asset management, corporate finance advisory,
capital markets and credit services including lending to
regional SMEs.
17
295
Financial Services
Industry Financial Services-->Capital Markets and Trading--
>Brokerage
Address Level 31, Emirates Towers, Sheikh Zayed Road
City Dubai
Country United Arab Emirates
Website www.shuaa.com
Acquirer 4: Lehman Brothers, Inc.
Business description Lehman Brothers, Inc. is an investment banking company.
Financial Services
Financial Services-->Cards
Industry
Financial Services-->Wealth Management and Private
Banking
Address 745 Seventh Avenue
City New York
State New York
Website www.lehman.com
Acquirer 5: Galleon Partners, L.P.
Business description Galleon Partners is a New York-based hedge fund.
Address 590 Madison Avenue, 34th Floor
City New York
State New York
Website www.galleongrp.com
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CORPORATE VENTURING
CORPORATE VENTURING
Corporate Venturing – Overview
Figure 3: Edelweiss Financial Services Ltd corporate Figure 4: Edelweiss Financial Services Ltd corporate
Table 3: Edelweiss Financial Services Ltd corporate venturing Table 4: Edelweiss Financial Services Ltd corporate venturing
volume and value trend (2014-YTD2018) by geography (2014-YTD2018)
2014 - - North America 2
2015 2 164.16 Europe -
2016 1 - Asia-Pacific 3
2017 2 138.45 Middle East and Africa -
20
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Deal Report: Wonderschool Secures USD2 Million in Seed Funding
Deal in brief
Wonderschool, a US-based operator of online marketplace helps parents find in-home child care education
programs, has secured USD2 million in seed funding led by First Round Capital with participation from
Cross Culture Ventures, SoftTech VC, Lerer Ventures, FundersClub, Inc. and Edelweiss Financial Services
Ltd.
Chris Bennett and Arrel Gray are the co-founders of Wonderschool.
Target Wonderschool
Acquirer 1 First Round Capital
Acquirer 2 SoftTech VC
Acquirer 4 FundersClub, Inc.
Acquirer 5 Cross Culture Ventures - US
Acquirer 6 Lerer Ventures
Deal value ($m) 2
Deal value (US Dollar)(m) 2
Deal category Venture financing
Deal sub-category Seed
Date of completion Jun 19, 2017
Deal rationale
Wonderschool will use the funds to expand in 15 new cities.
21
299
CORPORATE VENTURING
Target: Wonderschool
Wonderschool is an operator of online marketplace helps

parents find in-home child care education programs.

Services
Services
Industry
Business and Consumer Services
Business and Consumer Services-->Educational Services
Software
Address 548 Market Street, #25851
City San Francisco
State California
Website www.wonderschool.com
Acquirer 1: First Round Capital
Industry Venture capital firm, nasd member broker/dealer
First Round Capital is a seed-stage venture capital firm

dedicated to helping entrepreneurs build remarkable
companies. The company funds pre-revenue companies and
Business description often provides a company's first outside capital. The firm has
invests in seed and early-stage companies operating in
technology, consumer & business services, financial
services, healthcare, education, gaming, and food sectors.
217 Second Street, 5th Floor

Address
City San Francisco
State California
Website www.firstround.com
Acquirer 2: SoftTech VC
Venture capital firm, quasi-government organization, nasd
Industry
member broker/dealer
SoftTech VC is an early stage venture capital firm

specializing in early stage consumer internet and technology
start ups. The firm provides various services, such as
defining and execution of product, product assessment,
product launch, marketing, business development, and
financing strategy services. It offers its services to the 22
300
CORPORATE VENTURING
consumer internet companies, such as startups, industry

leaders, and venture capital firms.
Address 530 Lytton Ave, 2nd Floor
City Palo Alto
State California
Website www.softtechvc.com
Acquirer 4: FundersClub, Inc.
FundersClub Inc. is a venture capital platform that provides

online marketplace to allow accredited investors to become
equity holders in FundersClub-managed venture funds. The
Business description platform combines industry-standard venture funds, with
web-platform that allows members to browse and screen
fund investment opportunities, view investment profiles and
sign legal documents.
Address 1 Bluxome Street, SUITE 405
City San Francisco
State California
Website fundersclub.com
Acquirer 5: Cross Culture Ventures - US
Cross Culture Ventures is an early-stage venture capital

firm.
Address 3340 Hillview Avenue
City Palo Alto
State California
Website www.crossculturevc.com
Acquirer 6: Lerer Ventures
Industry Nasd member broker/dealer
Address 560 Broadway, Suite 308
City New York
State New York
Country United States 23
301
CORPORATE VENTURING
Website www.lererventures.com
24
302
CORPORATE VENTURING
Deal Report: National Insurance Company Raises USD136.45 Million in Subordinated

Debt Offering
Deal in brief
National Insurance Company, Ltd. an India-based non-life insurance company, has raised INR8,930 million
(USD136.45 million) through an issue of subordinated debt to Edelweiss Financial Services, Ltd., ICICI
Securities Limited, AK Trust and other investors.
The ten-year paper with call at five years carries a coupon of 8.35%.
Target National Insurance Company Limited
Acquirer 1 Undisclosed Investor(s)
Acquirer 3 ICICI Securities Limited
Acquirer 4 AK Trust
Security type Debt
Target: National Insurance Company Limited

Business description products include individual personal accident insurance,
25
303
CORPORATE VENTURING

Bengal, India.

Casualty
Casualty
Industry
Organizations
City Kolkata
State West Bengal
Country India
Acquirer 1: Undisclosed Investor(s)

26
304
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Industry Diagnostics-->Orthopedic Devices
Diagnostics
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47
325
CORPORATE VENTURING

Diagnostics
48
326
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
49
327
CORPORATE VENTURING

Diagnostics
Diagnostics
50
328
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
51
329
CORPORATE VENTURING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
52
330
CORPORATE VENTURING

Diagnostics
Acquirer 3: ICICI Securities Limited
ICICI Securities Limited is an investment banking firm of

ICICI Bank. It provides end-to-end solutions (including web-
based services) through the non-banking distribution
Business description channel to the retail and corporate customers. It operates in
three segments; corporate finance including equity capital
markets advisory services, institutional equities, retail and
financial product distribution.
Financial Services
Financial Services-->Capital Markets and Trading--
>Brokerage
Financial Services-->Capital Markets and Trading-->Equity
Markets
>Capital Raising
>Private Placements and Financial Sponsors
>Capital Raising
Address ICICI Centre, H.T. Parekh Marg, Churchgate
City Mumbai
State Maharashtra
Country India
Website www.icicisecurities.com
Acquirer 4: AK Trust
Industry
Financial Services
53
331
CORPORATE VENTURING
Deal Report: GOQii secures funding
Deal in brief
GOQii, a US-based wearable technology company that provides wrist band that measures the user’s
activities, has secured funding from the venture capital arm of Edelweiss Financial Services, Ltd., an India-
based diversified financial services group.
Target GOQii
Deal category Venture financing
Deal rationale
GOQii will use the funds to scale up its operations in the US and China.
Security type VCInvestment
Target: GOQii
GOQii is a wearable technology company that provides wrist

band that measures the user’s activities.

>Electronic Consumer Goods
Industry
Diagnostics
Communications-->Devices
Retailing-->Electricals and Electronics-->Brown Goods
Address 135 Commonwealth Drive

54
332
CORPORATE VENTURING
City Menlo Park
State California
Website www.goqii.com
55
333
CORPORATE VENTURING
Deal Report: VGN Developers raises $107.6 million in private placement
Deal in brief
VGN Developers Private Limited, an India-based real estate developer and residential apartment builder,
has raised INR6,700 million ($107.6 million) from Piramal Capital and Edelweiss Financial Services through
non-convertible debentures.
Target VGN Developers Private Limited
Acquirer 2 Piramal Capital
Security type Debt
Target: VGN Developers Private Limited
VGN Developers Private Limited is a real estate developer

and residential apartment builder.

Industry Construction and Real Estate-->Building Construction
Construction and Real Estate-->Special Trade Contractors
Address No.15, Wallace Garden, 2nd Street, Nungambakkam
City Chennai 56
334
CORPORATE VENTURING
State Tamil Nadu
Country India
Website www.vgn.in
Acquirer 2: Piramal Capital
Piramal Capital is a financial services unit of Piramal

Enterprises Limited, a pharmaceutical company.
Industry
Financial Services
Country India
57
335
CORPORATE VENTURING
Deal Report: Parsvnath Developers raises $56.56 million in private placement
Deal in brief
Parsvnath Developers Limited, an India-based real estate developer, has raised INR3,550 million ($56.56
million) by issuing 7,100 unlisted, secured, redeemable, non-convertible debentures at a face value of
INR0.5 million ($0.007 million) in a private placement.
According to the Economic Times, the funds have been raised from Edelweiss Capital Limited, an India-
based financial services company.
Target Parsvnath Developers Limited
Deal rationale
Parsvnath will use the proceeds to prepay its debt.
Security type Debt
Target: Parsvnath Developers Limited
Company type Public

58
336
CORPORATE VENTURING
Parsvnath Developers (Parsvnath) is a real estate and

integrated infrastructure developer. The company's portfolio
comprises of residential, commercial (office and retail),
Business description hotels, SEZs (special economic zones), information
technology (IT) parks and third party construction projects.
Parsvnath operates in India and Singapore. It is
Construction and Real Estate-->Building Construction--

>Hospital Construction
>Industrial Building Construction
Construction and Real Estate-->Building Construction
Industry Construction and Real Estate-->Real Estate Transactions
Construction and Real Estate-->Real Estate Transactions--
>Non-Residential Property Managers
>Home Construction
Address 6th Floor Arunachal Building, 19 Barakhamba Road
City New Delhi
State Delhi
Country India
Website www.parsvnath.com
59
337
CORPORATE VENTURING
PARTNERSHIP
Deal Report: Edelweiss Capital to form life insurance joint venture with Tokio Marine
Holdings
Deal in brief
Edelweiss Capital Limited has entered into an agreement with Tokio Marine Holdings, Inc. to establish a life
insurance joint venture in India to be called Edelweiss Tokio Life Insurance.
Edelweiss Capital is an India-based provider of investment banking, stock broking, wealth management
and asset management services, while Tokio Marine is a Japan-based provider of property and casualty
insurance, reinsurance and life insurance services.
Rumor (August 10, 2009):
According to The Economic Times, industry sources reported that Edelweiss Capital is in talks with Tokio
Marine for a possible life insurance joint venture in India.
Reportedly, Ernst & Young is acting as financial advisor and Crawford Bayley is acting as legal advisor to
Tokio Marine on their India strategy. AZB & partners is acting as advisor to Edelweiss.
Partner 1 Tokio Marine Holdings, Inc.
Partner 2 Edelweiss Financial Services Ltd
Partner 1: Tokio Marine Holdings, Inc.
Company type Public
Stock exchange TYO(Tokyo Stock Exchange)
Ticker symbol 8766
Tokio Marine Holdings, Inc., (Tokio Marine) is an insurance

holding company. The company, through its subsidiaries,
Business description offers a range of life and non-life insurance products and
services to individuals and corporate customers. Its portfolio
of products includes whole-life insurance, cancer insurance,
60
338
CORPORATE VENTURING
annuity insurance, auto insurance, home insurance, travel

and leisure insurance, personal accident insurance, medical
insurance, property insurance, casualty insurance and short-
term insurance. The company also provides various services
such as asset management, security investment
consultation, investment trust management and real estate
management services. It has a presence in various countries
of North America; Central and South America; Europe, Africa
and Middle East; and Asia and Oceania regions. Marine is
headquartered in Tokyo, Japan.
Chemicals
Financial Services
Casualty
Casualty
Health
Industry
Casualty-->Personal Insurance-->Creditor and Pecuniary
Loss
Industrial Goods and Machinery-->Chemical Industry
Machinery
Address Tokio Marine Nichido Building Shinkan, 1-2-1 Marunouchi
City Tokyo
State Tokyo
Country Japan
61
339
CORPORATE VENTURING
Website www.tokiomarinehd.com
Advisor information
Partner 1: Tokio Marine Holdings, Inc.
Financial advisors
Ernst & Young AG
Legal advisors
Crawford Bayley & Co. (Executive: Srinivasan)
Partner 2: Edelweiss Financial Services Ltd
Legal advisors
AZB & Partners (Executive: Rajendra Barot)
62
340
CAPITAL RAISING
CAPITAL RAISING
Figure 5: Edelweiss Financial Services Ltd capital raising Figure 6: Edelweiss Financial Services Ltd capital raising by
volume and value trend (2014-YTD2018) deal type (2014-YTD2018)
Table 5: Edelweiss Financial Services Ltd capital raising Table 6: Edelweiss Financial Services Ltd capital raising by
volume and value trend (2014-YTD2018) deal type (2014-YTD2018)
2015 - -
2016 1 374.64
2017 - -
2018 - -
63
341
CAPITAL RAISING
Deal Report: Edelweiss Financial Services to raise $374.64 million in private placement
of non-convertible debentures
Deal in brief
Edelweiss Financial Services, Ltd., an India-based diversified financial services company, has agreed to
raise INR25,000 million ($374.64 million) in a private placement of non-convertible debentures in one or
more tranches.
Target Edelweiss Financial Services Ltd
Security type Debt

342
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
343
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
344
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
345
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Patient Monitoring Equipment 68
346
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Pharmaceuticals and Healthcare-->Healthcare-->Healthcare 69
347
CAPITAL RAISING
Diagnostics
Diagnostics
348
CAPITAL RAISING

Diagnostics
Diagnostics
349
CAPITAL RAISING

Diagnostics
Diagnostics-->Endoscopy 72
350
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
351
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
352
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
353
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Respiratory and Anesthesia Devices 76
354
CAPITAL RAISING

Diagnostics
Diagnostics
355
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
356
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
357
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Biomaterials and Tissue Regeneration 80
358
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
359
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
360
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
361
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics 84
362
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
363
CAPITAL RAISING

Diagnostics
364
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
365
CAPITAL RAISING

Diagnostics
Diagnostics
366
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
367
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
90
368
CAPITAL RAISING
Deal Report: Edelweiss Capital completes initial public offering
Deal in brief
Edelweiss Capital Ltd., a provider of investment banking, asset management and wealth management
services, has completed its initial public offering (IPO). The company issued 8,386,147 million shares at a
price of INR825 ($20.91) per share, raising gross proceeds of INR6,918.57 million ($175.84 million),
diluting about 11% of its stake through the IPO.
The issue consisted of 8.18 million equity shares and a reservation of 2.04 million equity shares for
employees of the company.
Deal value (Indian Rupee)(m) 6,918.57
Deal category IPO
Deal sub-category Completed , ipo
% to Public 11
No. of shares issued 8,386,147
Offer price (Indian Rupee) (m) 822.72
Date of announcement Aug 21, 2007
Date of completion Dec 12, 2007
Deal rationale
The proceeds of the issue would be used, inter alia, towards enhancement of margin maintenance with
stock exchanges, establishment of additional offices and acquisition of office infrastructure, enhancement
of existing technological capacity and loan prepayment.
91
369
CAPITAL RAISING
Deal Report: Lehman leads group of investors to pick 5% in Edelweiss Capital
Deal in brief
A group of investors, led by Lehman Brothers and Thomas Schmidheiny, the chairman of Holcim Group,
are together purchasing a 5% stake in Edelweiss Capital Limited, a financial services company engaged in
securities broking, investment management and private client services. The stake is valued at $50 million.
Acquirer 1 Lehman Brothers, Inc.
Acquirer 2 Thomas Schmidheiny
Deal value ($m) 50
Acquired % 5
Date of announcement Jul 09, 2007
Deal rationale
The proceeds from the pre-IPO placement would be used to expand Edelweiss Capital's mutual fund and
wealth management business.
Acquirer 1: Lehman Brothers, Inc.
Business description Lehman Brothers, Inc. is an investment banking company.
Industry
Financial Services 92
370
CAPITAL RAISING

Financial Services-->Cards
Banking
Address 745 Seventh Avenue
City New York
State New York
Website www.lehman.com
Acquirer 2: Thomas Schmidheiny
93
371
DIVESTMENTS
DIVESTMENTS
Divestments – Overview
Figure 7: Edelweiss Financial Services Ltd divestments Figure 8: Edelweiss Financial Services Ltd divestments by
volume and value trend (2014-YTD2018) geography (2014-YTD2018)
Table 7: Edelweiss Financial Services Ltd divestments volume Table 8: Edelweiss Financial Services Ltd divestments activity
2015 1 - Europe -
94
372
DIVESTMENTS
Deal Report: Tokio Marine to acquire additional 23% stake in Edelweiss Tokio Life
Insurance
Deal in brief
Tokio Marine Holdings, Inc. has agreed to acquire an additional 23% stake in Edelweiss Tokio Life
Insurance Company Limited, a provider of life insurance products and services, from Edelweiss Capital
Limited. Edelweiss Tokio and Edelweiss Capital are based in India.
Tokio Marine is a Japan-based provider of property and casualty insurance, reinsurance and life insurance
services. Edelweiss Capital is engaged in retail finance and debt capital markets, commodities, financial
markets, asset management and life insurance businesses.
Following the transaction, Tokio Marine will hold a 49% stake in Edelweiss Tokio Life Insurance.
Target Edelweiss Tokio Life Insurance Company Limited
Acquirer Tokio Marine Holdings, Inc.
Seller/Vendor Edelweiss Financial Services Ltd
Acquired % 23
Target: Edelweiss Tokio Life Insurance Company Limited
Edelweiss Tokio Life Insurance Company Limited is a life

insurance company.
Financial Services
Industry
Address Edelweiss House, Off C.S.T. Road
City Mumbai
95
373
DIVESTMENTS
State Maharashtra
Country India
Website www.edelweisstokio.in
Acquirer: Tokio Marine Holdings, Inc.
Company type Public
Ticker symbol 8766
Tokio Marine Holdings, Inc., (Tokio Marine) is an insurance

holding company. The company, through its subsidiaries,
offers a range of life and non-life insurance products and
services to individuals and corporate customers. Its portfolio
of products includes whole-life insurance, cancer insurance,
annuity insurance, auto insurance, home insurance, travel
and leisure insurance, personal accident insurance, medical
Business description insurance, property insurance, casualty insurance and short-
term insurance. The company also provides various services
such as asset management, security investment
consultation, investment trust management and real estate
management services. It has a presence in various countries
of North America; Central and South America; Europe, Africa
and Middle East; and Asia and Oceania regions. Marine is
headquartered in Tokyo, Japan.
Chemicals
Financial Services
Casualty
Casualty
Health
96
374
DIVESTMENTS

Casualty-->Personal Insurance-->Creditor and Pecuniary
Loss
Industrial Goods and Machinery-->Chemical Industry
Machinery
Address Tokio Marine Nichido Building Shinkan, 1-2-1 Marunouchi
City Tokyo
State Tokyo
Country Japan
Website www.tokiomarinehd.com
97
375
DIVESTMENTS
Deal Report: Edelweiss Financial to sell 26% stake in Edelweiss Housing Finance
Deal in brief
Edelweiss Financial Services Limited (formerly Edelweiss Capital Limited), a financial services company, is
planning to sell a 26% stake in its housing finance arm Edelweiss Housing Finance, Ltd., a provider of
mortgage loans.
Both the companies are based in India.
Target Edelweiss Housing Finance, Ltd.
Acquirer Undisclosed Company*
Seller/Vendor Edelweiss Financial Services Ltd
Acquired % 26
Target: Edelweiss Housing Finance, Ltd.
Edelweiss Housing Finance, Ltd. is a housing finance

company.
Industry Financial Services

Country India
Acquirer: Undisclosed Company*
98
376
PRIVATE EQUITY & OWNERSHIP
Private Equity and Ownership – Overview
Figure 9: Edelweiss Financial Services Ltd private equity and Figure 10: Edelweiss Financial Services Ltd private equity
ownership volume and value trend (2014-YTD2018) and ownership by deal type (2014-YTD2018)
Table 9: Edelweiss Financial Services Ltd private equity and Table 10: Edelweiss Financial Services Ltd private equity and
ownership volume and value trend (2014-YTD2018) ownership activity by deal type (2014-YTD2018)
2014 - - Private equity 1
2015 1 -
2016 - -
2017 - -
2018 - -
99
377
Private Equity and Ownership – Deal reports
Deal Report: GIC exists investment in Edelweiss Financial Services
Deal in brief
GIC Private Limited, a Singapore-based investment management firm, has exited its investment in
Edelweiss Financial Services, Ltd., an India-based diversified financial services company.
Acquirer Undisclosed Acquirer
GIC Private Limited (formerly Government of Singapore

Seller/Vendor
Investment Corporation Private Limited)
Deal sub-category Exit
Date of completion Jul 24, 2015
Deal financials
Valuation multiples (Edelweiss Financial Services Ltd)
EV/Revenues 6.90
EV/EBITDA 52.52
Edelweiss Financial Services Ltd Financial information – (Fiscal year 31-Mar-2015)
Revenues 38,798 618.83
EBITDA 5,099.04 81.33

100
378
Net assets 31,562.91 503.43
Market capitalization 50,632.45 807.59
Earnings per share (absolute) 4.09 0.07
Shares in issue (absolute) 791,752,619
Key ratios
Price earnings ratio 15.64
Net assets-share ratio 39.87
Acquirer: Undisclosed Acquirer
Country North America
Vendor: GIC Private Limited (formerly Government of Singapore Investment Corporation

Private Limited)
Asset management firm, quasi-government organization,
Industry
nasd member broker/dealer, swaps dealer
GIC Private Limited (formerly Government of Singapore

Investment Corporation Private Limited) is an investment
Business description management firm that provides a range of asset classes,
including real estate, private equity, equities and fixed
income.
Address 168 Robinson Road, #37-01 Capital Tower
City Singapore
Country Singapore
Website www.gic.com.sg
101
379
Deal Report: Carlyle Group acquires 3.85% stake of Edelweiss Financial from Reliance
Growth Fund
Deal in brief
The Carlyle Group, a US-based private equity firm, has acquired a 3.85% stake in Edelweiss Financial
Services Limited (formerly Edelweiss Capital Limited), an India-based financial services company, from
Reliance Growth Fund for INR859 million ($17.53 million) in a bulk deal on the National Stock Exchange of
India.
Acquirer The Carlyle Group L.P.
Seller/Vendor Reliance Growth Fund
Deal value (Indian Rupee)(m) 859
Acquired % 3.85
Acquirer: The Carlyle Group L.P.
The Carlyle Group L.P. (Carlyle or ‘the group’) is a US-based

global alternative asset manager with approximately $183
billion of assets under management across 126 funds and
160 fund of funds vehicles as of December 31, 2015. The
group invests on behalf of its investors across four
segments: corporate private equity, global market strategies,
real assets, and investment solutions. The group operates in
Africa, Asia, Australia, Europe, the Middle East, North
America and South America regions. It is headquartered in
Washington, DC.
Address 1001 Pennsylvania Ave NW
City WASHINGTON
State WashingtonD.C.

102
380
Vendor: Reliance Growth Fund
City Mumbai
State Maharashtra
Country India
103
381
Deal Report: Galleon International Master Fund and Galleon Special Opportunities
Master Fund sell 7.02% stake in Edelweiss Capital
Deal in brief
Galleon International Master Fund and Galleon Special Opportunities Master Fund have sold 5.268 million
shares, representing a 7.02% stake, in Edelweiss Capital Limited, an India-based financial services
company, for INR485 ($10.43) per share or INR2,554.98 million ($54.93 million).
Galleon International Master Fund and Galleon Special Opportunities Master Fund are subsidiaries of
Galleon Group, LLC, a US-based hedge fund.
As of September 2009, Galleon International Master Fund held 4.42% and Galleon Special Opportunities
Master Fund held 2.6% stake in Edelweiss Capital.
Acquirer Undisclosed Acquirers
Seller/Vendor 1 Galleon Special Opportunities Master Fund
Seller/Vendor 2 Galleon International Master Fund
Deal sub-category Exit
Acquired % 7.02
Revenues 9,005 173.98
EBITDA 4,096.71 79.15
Net assets 21,140.37 408.44

104
382
Key ratios
Acquirer: Undisclosed Acquirers
Vendor 1: Galleon Special Opportunities Master Fund
Vendor 2: Galleon International Master Fund
105
383
Deal Report: Reliance Capital acquires 1.6% stake in Edelweiss Capital from Shuaa
Capital
Deal in brief
Reliance Capital, Ltd. has acquired 1.23 million shares, representing a 1.6% stake, in Edelweiss Capital
Limited, an India-based financial services company, from Shuaa Capital PJSC at INR482 ($10.37 million)
per share, for a total consideration of INR593 million ($12.76 million).
Reliance Capital is an India-based non-banking financial company, while Shuaa Capital is UAE-based
financial services company.
Acquirer Reliance Capital Limited
Seller/Vendor SHUAA Capital p.s.c.
Acquired % 1.6
Revenues 9,005 173.98
EBITDA 4,096.60 79.15
Net assets 21,140.96 408.44
Key ratios

106
384
Acquirer: Reliance Capital Limited
Company type Public
Ticker symbol RELCAPITAL
Reliance Capital Limited (RCL) is a financial services

company. The company provides an array of products and
services in the areas of asset management, life and general
insurance, private equity and investments, stock broking,
and depository services. It also provides commercial finance
and home finance, including mortgages, business loans,
loans against property, loans for commercial vehicles and
construction equipment, auto loans, loans against shares,
business loans, and industrial finance. In addition, the
company provides broking and distribution services in the
fields of stocks commodities and derivatives, investment
banking, portfolio management services, and wealth
management services. Further, it offers asset reconstruction
services. Its operations are spanned across India,
Singapore, Malaysia, the UK, and the UAE. It is a part of
Reliance Group, a private sector business group based in
India, having operations in telecommunications, financial
services, power, infrastructure, healthcare sectors, and
media and entertainment industries. RCL is headquartered
in Mumbai, Maharashtra, India.

Financial Services-->Retail Banking and Lending-->SME
Banking Services
Casualty
Industry Casualty-->Personal Insurance-->Accident and Health
Casualty
Health
107
385

>Consumer Lending-->Motor Finance
>Mortgage Lending
>Consumer Lending-->Personal Loans
>Consumer Lending-->Retail Finance
Financial Services-->Savings and Investments-->Equities
Funds
Banking
>Consumer Lending
Reliance Centre, 6th Floor, North Wing, Off Western ,

Address
Express Highway, Santa Cruz East
City MUMBAI
Country India
Website www.reliancecapital.co.in
Vendor: SHUAA Capital p.s.c.
SHUAA Capital p.s.c. is a financial services firm that offers a

range of asset management, corporate finance advisory,
capital markets and credit services including lending to
regional SMEs.
Financial Services
>Brokerage
Address Level 31, Emirates Towers, Sheikh Zayed Road
City Dubai
Country United Arab Emirates
Website www.shuaa.com
108
386
APPENDIX
APPENDIX
Contact Us
www.marketline.com
executives
• What we offer
• Coverage
research;
–
• Content
109
387
APPENDIX
110
388
APPENDIX
Merger
conditions:
Acquisition
stake in the target
Private equity
or another company

111
389
APPENDIX
funds
management team
Private placement
Venture financing
business concept

112
390
APPENDIX
Partnership
Licensing agreement: An agreement in which one party gives the rights to another party to
Deal status details
Deal value
of shares.

113
391
APPENDIX

acquirer
percentage
Debt-related fields
categories:

the acquirers
114
392
APPENDIX

shareholdings

115
393
APPENDIX
multiplied by 100.

Deal multiples

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
116
394
APPENDIX
Advisor information
particular deal.
Book runners: Book runner is the managing or lead underwriter who maintains the books of
orders submitted
as other
117
395
APPENDIX
About MarketLine
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396
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119
T: + 44 161 238 4040| F: + 44 870 134 4371
397
Vendor, acquirer, target and partner report for IFCI Limited and its subsidiaries. Includes
Mergers & Acquisitions, Private equity, Venture capital, Joint ventures, Alliances and
Investments
IFCI Limited – Mergers & Acquisitions (M&A),

Partnerships & Alliances and Investments
REFERENCE CODE: 02722645-677C-4CC8-88F5-F4C4E05DB6EB

WWW.MARKETLINE.COM
398
IFCI LIMITED
IFCI Limited (IFCI) is a financial institution that offers a variety of financial products and services. The company offers
a range of financial products that includes debt products and products related to the equity and other business
segments. IFCI offers corporate advisory services, infrastructure advisory services, and monitors public issues. It also
provides balance sheet funding, loan against shares, lease rental discounting and promoter funding. The company
also acts as a debenture trustee for debentures issued by other companies. IFCI is headquartered in New Delhi,
India.
The company reported revenues of (Rupee) INR34,452.4 million for the fiscal year ended March 2018 (FY2018), a
decrease of 3.7% over FY2017. The operating loss of the company was INR17,580.7 million in FY2018, compared to
an operating loss of INR6,779 million in FY2017. The net loss of the company was INR10,050.2 million in FY2018,
compared to a net loss of INR3,775.3 million in FY2017.
Key facts
State Delhi
Country India
Telephone 91 11 4179 2800
Fax 91 11 2648 8471
Exchange / Ticker BOM / 500106
IFCI Limited– Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments -2018
-
399
IFCI Limited activity by deal type - volume (2014-YTD2018) IFCI Limited M&A average deal size - value ($m)
Acquisition (ACQ) 1 - - - - 2014 1 -
Capital raising - - 1 - - 2015 - -
(CR) 2016 - -
Divestments (DIV) 1 2 3 - - 2017 - -
2018 - -
Deal value
($m)
Private
IFCI Limited (India) Apr 18, 2016 Announced 86.18
placement
National Stock Exchange of India Ltd. (India) Jul 4, 2016 Completed Acquisition 13.13
National Stock Exchange of India Ltd. (India) Apr 4, 2016 Completed Acquisition 8.93
National Stock Exchange of India Ltd. (India) Sep 17, 2015 Completed Acquisition 39.7
National Stock Exchange of India Ltd. (India) Sep 17, 2015 Completed Private equity 39.66
400
TABLE OF CONTENTS
TABLE OF CONTENTS
LIST OF TABLES .................................................................................... 5
LIST OF FIGURES .................................................................................. 5


CAPITAL RAISING ............................................................................... 38
DIVESTMENTS ..................................................................................... 67
Divestments – Overview .................................................................................................................... 67
PRIVATE EQUITY & OWNERSHIP .................................................... 101

Private Equity and Ownership – Deal reports ............................................................................... 101
APPENDIX........................................................................................... 142
Contact Us ....................................................................................................................................... 142
4
401
TABLE OF CONTENTS
LIST OF TABLES
Table 1: IFCI Limited M&A volume and value trend (2014-YTD2018) 7
Table 2: IFCI Limited M&A activity by geography (2014-YTD2018) 7
Table 3: IFCI Limited capital raising volume and value trend (2014-YTD2018) 38
Table 4: IFCI Limited capital raising by deal type (2014-YTD2018) 38
Table 5: IFCI Limited divestments volume and value trend (2014-YTD2018) 67
Table 6: IFCI Limited divestments activity by geography (2014-YTD2018) 67
LIST OF FIGURES
Figure 1: IFCI Limited M&A volume and value trend (2014-YTD2018) 7
Figure 2: IFCI Limited M&A activity by geography (2014-YTD2018) 7
Figure 3: IFCI Limited capital raising volume and value trend (2014-YTD2018) 38
Figure 4: IFCI Limited capital raising by deal type (2014-YTD2018) 38
Figure 5: IFCI Limited divestments volume and value trend (2014-YTD2018) 67
Figure 6: IFCI Limited divestments by geography (2014-YTD2018) 67
402

IFCI Limited targets and partners (2014 -YTD2018)
IFCI Limited-Target/Partner name Deal Date Deal type Deal value ($m)
Rajasthan Consultancy Organization, Ltd. (India) Jul 1, 2014 Acquisition -
403

Figure 1: IFCI Limited M&A volume and value trend (2014- Figure 2: IFCI Limited M&A activity by geography (2014-
YTD2018) YTD2018)
Table 1: IFCI Limited M&A volume and value trend (2014- Table 2: IFCI Limited M&A activity by geography (2014-
YTD2018) YTD2018)
2014 1 - North America -
2015 - - Europe -
404
Deal Report: IFCI acquires 49% equity stake in Rajasthan Consultancy (RAJCON)
Deal in brief
IFCI Limited, a provider of long-term finance to the industrial sector, has acquired 49% stake in Rajasthan
Consultancy Organization, Ltd. (RAJCON) from Hardicon Limited, a provider of low-cost industrial
consultancy solutions. All the companies are based in India.
Rajasthan Consultancy is a provider of consultancy services to entrepreneurs and enterprises.
Target Rajasthan Consultancy Organization, Ltd.
Acquirer IFCI Limited
Seller/Vendor Hardicon Limited
Acquired % 49
Target: Rajasthan Consultancy Organization, Ltd.
Rajasthan Consultancy Organization, Ltd. is a provider of

consultancy services to entrepreneurs and enterprises. The
company provides human resources development service,
Business description project consultancy services, management restructuring
services, infrastructure service, market survey and research,
product and project specific research and impact evaluation
studies.

Business and Consumer Services-->Consultancy-->IT
Industry
Consultancy
Business and Consumer Services-->Consultancy--
>Management Consultancy
Address Anand Bhawan, Ist Floor, Sansar Chandra Road
City Jaipur
8
405
State Rajasthan
Country India
Website www.rajcon.org
Phone number 0141 4035489
Vendor: Hardicon Limited
Hardicon Limited is a consulting organization that focuses on

small and medium enterprises (SME) sector.

Business and Consumer Services-->Consultancy
Industry Business and Consumer Services-->Consultancy--
>Marketing Consultancy
Business and Consumer Services-->Consultancy-->Strategy
Consultancy
City New Delhi
Country India
406
Deal Report: IFCI acquires additional 4.35% stake in Koutons Retail
Deal in brief
IFCI Limited, a provider of long-term finance to the industrial sector, has acquired an additional 4.35%
stake in Koutons Retail India Limited, an apparel manufacturing and retail company. Both the companies
are based in India.
Following the transaction, IFCI will increase its stake in Koutons Retail from 5.89% to 10.24%.
Target Koutons Retail India Limited (Inactive)
Acquired % 4.35
Deal financials
Valuation multiples (Koutons Retail India Limited (Inactive))
EV/Revenues 0.89
EV/EBITDA 7.25
Target: Koutons Retail India Limited (Inactive)
Company type Public
Retailing
Retailing-->By Multi-Channel-->In-Store
Industry Retailing-->Clothing, Footwear, Accessories and Luxury
Goods-->Accessories
Goods-->Clothing 10
407

Goods-->Clothing-->Childrenswear
Goods-->Clothing-->Menswear
Goods-->Clothing-->Womenswear
Goods-->Footwear
Retailing-->Department Stores
>Clothing
Address T-60/1, D.C.M. School Lanenew Rohtak Road, Karol Bagh
City New Delhi
State Delhi
Country India
Revenues 11,423.04 251.31
EBITDA 1,409.91 31.02
Post tax profit 818.37 18
Net assets 10,014.53 220.32
Key ratios
11
408
Deal Report: IFCI to acquire 7.72% stake in KSK Mahanadi
Deal in brief
IFCI Limited, an Indian provider of long-term finance to the industrial sector, is planning to acquire a 7.72%
stake in KSK Mahanadi, a coal based power project of KSK Energy Ventures Limited, for $56 million.
KSK Mahanadi is being promoted by KSK Energy Ventures, an Indian subsidiary of KSK Power Ventur plc,
a UK-based power project development company.
KSK Mahanadi is being funded through a mix of debt and equity wherein the debt of $2,880 million is being
funded through a consortium of 27 Indian banks and financial institutions.
Target KSK Energy Ventures Limited
Seller/Vendor KSK Energy Ventures Limited
Deal value ($m) 56
Acquired % 7.72
Target: KSK Energy Ventures Limited
Company type Public
KSK Energy Ventures (KSK Energy), a subsidiary of KSK

Power Ventur, operates as a power project development
company. It is engaged in developing, operating and
maintaining power plants and hydel power. The company
also provides fuel security services. Its power projects
include Sai Lilagar and KSK Mahanadi Power, Chhattisgarh;
Sai Regency, Tamilnadu; Sitapuram, Telangana; Sai
Wardha Power, Maharashtra; and VS Lignite and Sai Maithili
Power, Rajasthan. The company operates in India, where it
is headquartered in Hyderabad and employs around 19 12
409
people.

Industry Business and Consumer Services-->Consultancy
Address 8-2-293/82/A/431/A, Road No. 22
Country India
Website www.ksk.co.in
Phone number 91 40 2355 9922
Vendor: KSK Energy Ventures Limited
KSK Energy Ventures Limited is a wholly-owned subsidiary

of KSK Power Ventur plc which is a power project
Business description development and investment company. KSK Energy
Ventures develops and operates power plant from planning
to actual setup of plant.
Energy and Utilities-->Natural Resources-->Midstream
Industry
Energy
Address 8-2-293/82/A/431/A,Road No:22, Jubilee Hills
City Hyderabad
Country India
Website www.ksk.co.in
13
410
Deal Report: IFCI acquires 5% stake in MCX Stock Exchange from Financial
Technologies
Deal in brief
IFCI Limited has acquired a 5% sake in MCX Stock Exchange Limited, a currency futures exchange, from
Financial Technologies (India), Ltd.(FTIL) for a consideration of approximately INR2,500 million ($51.36
million).
IFCI is a provider of long-term finance to the industrial sector, while FTIL is engaged in providing
transaction automation technologies for equities, derivatives, forex, and commodity markets. All the three
The shares were acquired at a price of INR35 ($0.71) per equity share.
Target MCX Stock Exchange Limited
Seller/Vendor Financial Technologies (India) Ltd.
Acquired % 5
Target: MCX Stock Exchange Limited
MCX Stock Exchange Limited is a currency futures

Business description exchange in India. The company's subsidiary, MCX-Stock
Exchange Clearing Corporation, is a clearing corporation.
Financial Services
Financial Services-->Capital Markets and Trading-->Clearing
and Settlement
>Derivatives
>Exchanges
Financial Services-->Capital Markets and Trading-->Foreign 14
411
Exchange (FX)
Address Suren Road, Andheri (East)
City Mumbai
State Maharashtra
Country India
Website www.mcx-sx.com
Phone number 91 22 6731 9000
Vendor: Financial Technologies (India) Ltd.
Company type Public
Financial Technologies (India) (FTIL), a part of Financial

Technologies Group, provides technology solutions for
financial markets across asset classes including equity,
commodities, currencies and bonds. FTIL offers exchange,
brokerage, messaging, consulting and connectivity solutions.
The company also offers services in areas such as clearing
Business description and depository, information dissemination, warehousing and
collateral management, payments processing and financial
market education. The company operates in India, the UAE,
Bahrain, Tanzania, Singapore, Uganda, Kenya, Nigeria,
Zambia, Botswana, Mauritius, and South Africa. It is
headquartered in Mumbai, India and employs around 872
people.

>Brokerage
Industry Technology and Services-->Consumer IT-->Consumer
Services
Technology and Services-->Software-->Enterprise
Applications-->Financial Applications
Address FT Tower CTS Number 256 and 257, Suren Road Chakala
Country India
Website www.ftindia.com
Phone number 91 22 6686 1010
15
412
Deal Report: IFCI acquires 17.42% stake in Maytas Infra
Deal in brief
IFCI Limited, a provider of long-term finance and advisory services, has acquired 10.25 million shares,
representing a 17.42% stake, in Maytas Infra Limited, an infrastructure development, construction, and
project management company. Both the companies are based in India.
Target IL&FS Engineering and Construction Company Limited
Acquired % 17.42
Deal financials
Valuation multiples (IL&FS Engineering and Construction Company Limited)
EV/Revenues 2.53
EV/EBITDA 20.89
Target: IL&FS Engineering and Construction Company Limited
Company type Public
IL&FS Engineering and Construction Company (IL&FS) is an

infrastructure development, construction and project
management company. The company is engaged in the
construction, development and maintenance of roads, 16
413
expressways and highways, buildings and industrial

structures, and irrigation canals and dams. The company
operates in India and Saudi Arabia. It is headquartered in
Hyderabad, India.

>Home Construction
Industry
>Tunnel Construction
Construction and Real Estate-->Heavy Construction-->Oil
Production Platform Construction
>Transmission Line Construction
Construction and Real Estate-->Heavy Construction-->Water
Treatment Plant Construction
Address Door Number 8-2-120/113/3, Fourth Floor Sanali Info Park
Country India
Website www.ilfsengg.com
Phone number 91 40 4040 9333
Revenues 20,167.52 505.60
EBITDA 2,441.57 61.21
Post tax profit 907.50 22.75
Net assets 6,384.53 160.06
Market capitalization 41,133.25 1,031.21
Key ratios
17
414
Deal Report: IFCI acquires 46.65% stake in Foremost Factors from Mohan Exports Group
Deal in brief
IFCI, Ltd., a provider of finance and corporate advisory services, has acquired a 46.65% stake in Foremost
Factors, Ltd. (FFL), a provider of domestic and export factoring facilities, from Mohan Exports Group,
thereby increasing its stake to 96.49% in FFL. IFCI also proposes to acquire the balance shareholding of
3.5% from other shareholders to make it a 100% subsidiary.
Mohan Exports Group is a promoter of the FFL.
Target IFCI Factors Limited (formerly Foremost Factors Limited)
Seller/Vendor Mohan Exports (India) Pvt. Ltd.
Acquired % 46.65
Deal rationale
The acquisition allows IFCI to foray into the factoring services.
Target: IFCI Factors Limited (formerly Foremost Factors Limited)
IFCI Factors Limited is a provider of domestic factoring and

international factoring services.
Financial Services
Industry
Pawan House 2, Zamrudpur Community Centre, Kailash

Address
Colony Extension
City New Delhi
Country India
18
415
Website www.foremostfactors.net
Phone number 91 11 29237543 45
Vendor: Mohan Exports (India) Pvt. Ltd.
Mohan Exports (India) Pvt. Ltd. (MEIPL) is a diversified

company that provides international trade, infrastructure and
industrial projects, exploration of natural resources and
special economic zones. The company provides related
training and capacity building in the areas of engineering
projects and project management, agriculture mechanization
and irrigation, agro processing and dairy animal husbandry,
fisheries and poultry, medical and health care, education and
vocational training, workshop equipment, water and waste
water construction and material handling. It has its offices in
Democratic Republic of Congo, Republic of Congo, Rwanda,
Burundi, Sierra Leone, Togo, Tanzania, Malawi, Zambia,
Ethiopia, Eritrea, Jordan and Iraq. MEIPL is headquartered
in New Delhi, India.
Agriculture and Forestry-->Agriculture

Agriculture and Forestry-->Support Activities for Agriculture
Business and Consumer Services-->Educational Services
Paper and Packaging
Industrial Goods and Machinery-->Food Product Machinery
Manufacturing
Industrial Goods and Machinery-->Metalworking Machinery
Industrial Goods and Machinery-->Textile Machinery
Manufacturing
Diagnostics
8 and 9, Mohan House, Community Center, Kailash Colony

Address
Extention
City New Delhi
State Delhi
Country India
Website www.mohanexports.com
19
416
Deal Report: IFCI proposes to acquire remaining 3.5% stake in Foremost Factors
Deal in brief
IFCI, Ltd., a provider of finance and corporate advisory services, has plans to acquire the balance
shareholding of a 3.5% in Foremost Factors, Ltd. (FFL), a provider of domestic and export factoring
facilities.
Upon the completion of this acquisition, Foremost Factors wil become a 100% subsidiary to IFCI.
On May 21, 2008, IFCI has acquired a 46.65% stake in Foremost Factors from Mohan Exports Group,
thereby increasing its stake to 96.49% in FFL.
Target IFCI Factors Limited (formerly Foremost Factors Limited)
Acquired % 3.5
Deal rationale
The acquisition allows IFCI to foray into the factoring services.
Target: IFCI Factors Limited (formerly Foremost Factors Limited)
IFCI Factors Limited is a provider of domestic factoring and

international factoring services.
Financial Services
Industry
Pawan House 2, Zamrudpur Community Centre, Kailash

Address
Colony Extension
City New Delhi
Country India 20
417
Website www.foremostfactors.net
Phone number 91 11 29237543 45
21
418
CORPORATE VENTURING
CORPORATE VENTURING
Deal Report: South Indian Bank raises $80 million in private placement
Deal in brief
South Indian Bank, Ltd., an India-based provider of retail banking services, has raised INR4,430 million
($80 million) in a qualified institutional placement of 200 million equity shares.
The investors include First Carlyle Ventures Mauritius Private Limited, The Carlyle Group, IFCI Limited,
State Bank of India, SBI Life Insurance Co., Ltd., and SBI Mutual Fund.
The placement of new shares represents 15% stake in South Indian Bank.
As part of the transaction, Carlyle Group acquired 2.04% stake for INR22.13 ($0.39) per share, IFCI
acquired 4.99% stake for INR1,475 million ($26.63 million), while two private equity funds have separately
invested a total of INR1,650 million ($29.8 million) for 5.8% stake between them.
State Bank of India acquired 0.34% for INR100 million ($1.81 million), while SBI Life Insurance acquired
0.67% for around INR200 million ($3.61 million) and SBI Mutual Fund acquired 0.85% for INR250 million
($4.51 million).
Target South Indian Bank Ltd.
Acquirer 1 State Bank of India
Acquirer 2 IFCI Limited
Acquirer 3 SBI Life Insurance Co. Ltd
Acquirer 4 SBI Mutual Fund
Acquirer 5 First Carlyle Ventures Mauritius Private Limited
Acquirer 6 The Carlyle Group L.P.
Deal value ($m) 80
Acquired % 15
No. of shares issued 200,000,000

22
419
CORPORATE VENTURING
Offer price (Indian Rupee) (m) 22.15
Deal rationale
The funding will enhance South Indian Bank's paid-up capital.
Deal financials
Valuation multiples (South Indian Bank Ltd.)
EV/Revenues 0.19
EV/EBITDA 0.92
Equity investment amount 4,430 80
Target: South Indian Bank Ltd.
Company type Public
The South Indian Bank (SIB) offers banking and financial

services, including treasury, corporate and wholesale
Business description banking, retail banking, and other banking operations. SIB
primarily operates in India, where it is headquartered in
Thrissur. 23
420
CORPORATE VENTURING

Financial Services-->Payments-->New Payment
Technologies
Financial Services-->Payments-->Bank Transfers
Financial Services-->Payments-->Cash
Financial Services-->Payments-->Cheque
Industry
Funds
Financial Services-->Savings and Investments-->Savings
Accounts
Financial Services-->Savings and Investments
Address T B Road, Mission Quarters
City Thrissur
State Kerala
Country India
Website www.southindianbank.com
Revenues 38,304.95 738.90
EBITDA 5,462.95 105.38
Net assets 20,228.17 390.20
Shares in issue (absolute) 1,133,700,000
Key ratios
Acquirer 1: State Bank of India

24
421
CORPORATE VENTURING
Company type Public
State Bank of India (SBI or 'the group') is a provider of

banking and financial solutions. The bank provides a wide
range of retail banking, corporate banking and treasury
services to individuals, corporate and institution clients. Its
products include current accounts, savings accounts, term
deposits, recurring deposits, debit cards, credit cards,
prepaid cards, virtual cards, business cards, life and general
insurance. It also provides personal loans, home loans, loan
against property and securities, gold loans, car loans,
education loans, agricultural loans, working capital finance,
project finance, deferred payment guarantees, corporate
Business description term loans, structured finance, dealer financing, channel
financing, equipment leasing, loan syndication and
construction equipment loans. The bank provides various
services such as mobile banking, internet banking, ATM
services, foreign inward remittance, safe deposit locker,
western union money transfer, mobile wallet, trade finance,
merchant banking, project export finance, treasury services,
and offshore banking and cash management services. The
bank operates in Asia, Europe, the Middle East, Africa and
North America regions. The bank is headquartered in
Mumbai, Maharashtra, India.
Financial Services
Financial Services-->Cards-->Card Issuance-->Commercial
Cards
Financial Services-->Cards-->Card Issuance-->Credit Cards
Financial Services-->Cards-->Card Issuance-->Debit Cards
Financial Services-->Cards-->Card Issuance-->Pre-paid
Cards
Industry >Treasury and Cash Management
>Wholesale Payments
Banking Services
Financial Services-->Payments-->Bank Transfers
Financial Services-->Payments-->Direct Debit
25
422
CORPORATE VENTURING

Financial Services-->Cards-->Card Issuance-->Pre-paid
Cards
Financial Services-->Retail Banking and Lending-->Current
Accounts
Accounts
>Mortgage Lending
>Consumer Lending-->Overdraft and Lines of Credit
Accounts
Funds
Accounts
Banking
Banking
Address State Bank Bhavan, Corporate Centre, Madame Cama Marg
City Mumbai
State Maharashtra
Country India
Website www.sbi.co.in
Acquirer 3: SBI Life Insurance Co. Ltd

26
423
CORPORATE VENTURING
SBI Life Insurance Co. Ltd (SBI Life Insurance), a subsidiary

of India-based State Bank of India, is an insurance company
which offers life insurance products and services. The
company provides individual plans such as unit linked plans,
child plans, pension plans, protection plans, and savings
plans. It offers group plans including group employee benefit
retirement and protection plans. SBI Life Insurance also
Business description provides savings protection products, micro insurance plans,
group loan protection products, health plans, and banking
product packages such as housing loans and personal
loans. The company's services include premium calculator,
child education planner, tax calculator, easy plan finder, NRI
services, SMS based services, and premium payment
procedure. It operates throughout India. SBI Life Insurance
is headquartered in Mumbai, Maharashtra, India.

Casualty
Casualty
Industry Financial Services-->Life and Pensions-->Life and Protection
Health
Natraj, M.V. Road and Western Express Highway Junction

Address
, Andheri East
City Mumbai
State Maharashtra
Country India
Website www.sbilife.co.in
Acquirer 4: SBI Mutual Fund
Industry Mutual fund company, quasi-government organization
SBI Mutual Fund is a provider of mutual funds. The company

Business description also provides portfolio management and advisory services
for institutional investors.
Address 191, Maker Tower 'E', Cuffe Parade
City Mumbai
State Maharashtra
27
424
CORPORATE VENTURING
Country India
Website www.sbimf.com
Phone number 91 22 22180221-22 / 24-27
Acquirer 5: First Carlyle Ventures Mauritius Private Limited
Industry Investment company
Country Mauritius
Acquirer 6: The Carlyle Group L.P.
The Carlyle Group L.P. (Carlyle or ‘the group’) is a US-based

global alternative asset manager with approximately $183
billion of assets under management across 126 funds and
160 fund of funds vehicles as of December 31, 2015. The
group invests on behalf of its investors across four
segments: corporate private equity, global market strategies,
real assets, and investment solutions. The group operates in
Africa, Asia, Australia, Europe, the Middle East, North
America and South America regions. It is headquartered in
Washington, DC.
Address 1001 Pennsylvania Ave NW
City WASHINGTON
State WashingtonD.C.
28
425
CORPORATE VENTURING
Deal Report: Gayatri Energy Ventures raises $56.2 million from IFCI
Deal in brief
Gayatri Energy Ventures Private Limited (GEVPL), a wholly-owned subsidiary of heavy construction
company Gayatri Projects Limited, has raised INR2,500 million ($56.2 million) from IFCI Limited, through
issue of compulsory convertible debentures. All the entities involved in the transaction are based in India.
GEVPL is operating and investing in the power sector.
Target Gayatri Energy Ventures Private Limited
Deal rationale
Gayatri Energy will use the proceeds from the offering for bankrolling proposed investments, announced by
GEVPL in the energy domain.
Security type Debt
Target: Gayatri Energy Ventures Private Limited
Gayatri Energy Ventures Private Limited is an owner and

operator of 1,320 mega watt coal fired plant.
29
426
CORPORATE VENTURING

Industry
Fuels
Address 6-3-1090 TSR Towers, B-1 Raj Bhavan Road
City Hyderabad
State Telangana
Country India
30
427
CORPORATE VENTURING
Deal Report: Gujarat State Petroleum Corporation (GSPC) to raise $216.7 million in
private placement
Deal in brief
Gujarat State Petroleum Corporation (GSPC), an India-based oil and gas exploration company, is planning
to raise INR9,900 million ($216.7 million) from three financial institutions and seven public sector units in a
private placement.
As part of the transaction, GSPC will divest 5% of the company at INR810 ($17.73) per share.
The two financial institutions IDBI Bank Limited and IFCI Limited invested INR1,500 million ($32.83 million)
and INR1,000 million ($21.89 million), respectively. SBI Capital will invest INR3,000 million ($65.67 million)
in the form of convertible debentures.
The public sector units Gujarat State Fertilizers & Chemicals Limited invested INR1,498.5 million ($32.8
million), Gujarat State Investment Limited INR1,100 million ($24.08 million), Gujarat Industrial Development
Corporation INR1,000 million ($21.89 million). Narmada Valley Fertilizers Company, Gujarat Mineral
Development Corporation Limited, Gujarat Alkalies Chemicals Limited, Gujarat Industrial Investment
Corporation Limited and Gujarat Gas Company Limited together invested INR50 million ($1.09 million).
SBI Capital is acting as financial advisor to GSPC.
Target Gujarat State Petroleum Corporation Limited
Acquirer 1 IDBI Bank Limited
Acquirer 2 SBI CAPITAL Co., Ltd.
Acquirer 3 Gujarat Industrial Investment Corporation Limited
Acquirer 4 Gujarat Industrial Development Corporation
Acquirer 5 Gujarat State Fertilizers & Chemicals Limited
Acquirer 6 IFCI Limited
Acquirer 7 Gujarat Mineral Development Corporation Limited
Acquirer 8 Gujarat Narmada Valley Fertilizers & Chemicals Limited
Acquirer 9 Gujarat Alkalies Chemicals Limited
Acquirer 10 Gujarat Gas Company Limited
Acquired % 5
31
428
CORPORATE VENTURING
Offer price (Indian Rupee) (m) 810
Equity investment amount 9,900 216.70
Target: Gujarat State Petroleum Corporation Limited
Gujarat State Petroleum Corporation Limited engages in the

exploration, development, and production of oil and natural
gas in India. It primarily supplies natural gas to power,
chemicals and fertilizers, and ceramic companies.
Energy and Utilities-->Commodity-->Gas
Industry
Energy and Utilities-->Commodity-->Oil
Energy-->Production
Address Third Floor, GSPC Bhavan, Sector-11
City Gandhinagar
State Gujarat
Country India
Website www.gujaratpetro.com
Revenues 41,432.10 1,038.66
Operating profit 6,280 157.43
EBITDA 7,574.71 189.89

32
429
CORPORATE VENTURING
Key ratios
Acquirer 1: IDBI Bank Limited


Industry Casualty
City Mumbai
State Maharashtra
Country India
Phone number 91 22 2218 9111
Acquirer 2: SBI CAPITAL Co., Ltd.
SBI CAPITAL Co., Ltd. is a wholly owned subsidiary of SBI

Business description Holdings, Inc. The company's principle business is buy-out
and enterprise revitalization funds management.

Address Izumi Garden Tower 1-6-1, Roppongi, Minato-ku
City Tokyo
Country Japan
Acquirer 3: Gujarat Industrial Investment Corporation Limited
Company type Private 33
430
CORPORATE VENTURING
Financial Services
Industry
Address Block No 11-12, Udyog Bhavan
City Gandhinagar
State Gujarat
Country India
Acquirer 4: Gujarat Industrial Development Corporation
Gujarat Industrial Development Corporation provides primary

infrastructure facilities such as land, road, drainage, power,
Business description water supply, street light facilities to industrial units. It also
provides supporting infrastructure such as housing,
commercial space, parks, banks etc.
Industry
Address Navsarjan, Opposite Gurukul
City Gondal Road Rajkot
State Gujarat
Country India
Website www.gidc.gov.in
Acquirer 5: Gujarat State Fertilizers & Chemicals Limited
Company type Public
Gujarat State Fertilizers & Chemicals (GSFC) is engaged in

the manufacture and sale of fertilizers and chemicals. The
Business description company offers industrial products and agro products. GSFC
primarily operates in India, where it is headquartered in
Vadodara.
Industry Chemicals
Address P O Fertilizer nagar 391 750
City Vadodara
34
431
CORPORATE VENTURING
State Gujarat
Country India
Website www.gsfclimited.com
Phone number 91 265 224 2451
Acquirer 7: Gujarat Mineral Development Corporation Limited
Company type Public
Gujarat Mineral Development (GMDC) is a mineral

exploration company engaged in the mining and mineral
processing of lignite, bauxite, fluorspar multi metal,
manganese, calcined bauxite, silica sand, limestone,
Business description bentonite, and ball clay. It is also engaged in the generation
of thermal power through its Akrimota thermal power project.
The company primarily operates in India, where it is
headquartered in Ahmedabad and employs around 1,594
people.

Fuels
>Renewables-->Wind
Metals and Mining-->Metal Ore Mining
Metals and Mining-->Metal Ore Mining-->Aluminum Ore
Mining
Industry
Metals and Mining-->Metal Ore Mining-->Copper Ore and
Nickel Ore Mining
Metals and Mining-->Metal Ore Mining-->Lead Ore and Zinc
Ore Mining
Metals and Mining-->Metal Ore Mining
Ore Mining
Metals and Mining
Metals and Mining-->Primary Metal Manufacturing
Address Khanij Bhavan, 132 Feet Ring Road
Country India
Website www.gmdcltd.com
Phone number 91 79 2791 3501
Acquirer 8: Gujarat Narmada Valley Fertilizers & Chemicals Limited
Company type Public

35
432
CORPORATE VENTURING
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) is

engaged in manufacturing and selling a range of fertilizers
and other chemicals throughout India. The company's
corporate portfolio is spread across various sectors such as
chemicals/petrochemicals, energy sector,
electronics/telecommunications and information technology.
GNFC operates in India, where it is headquartered in
Bharuch, Gujarat.
Industry Chemicals
Address Narmadanagar
City Bharuch
State Gujarat
Country India
Website www.gnfc.in
Acquirer 9: Gujarat Alkalies Chemicals Limited
Gujarat Alkalies Chemicals Limited is engaged in the

manufacturing of chemicals such as caustic soda, caustic
potash, phosphoric acid and others. It manufactures other
basic chemicals, such as sodium cyanide, sodium ferro
cyanide, chloromethane, hydrochloric acid, potassium
carbonate, phosphoric acid (85%) and hydrogen peroxide,
poly aluminum chloride, anhydrous aluminum chloride and
chlorinated paraffin wax.
Industry
Chemicals
Address P O Petrochemicals 391 346
City Vadodara
State Gujarat
Country India
Website www.gujaratalkalies.com
Acquirer 10: Gujarat Gas Company Limited
Business description Gujarat Gas Company (GGCL) is engaged in the procuring 36
433
CORPORATE VENTURING
and distribution of natural gas. The company supplies its

natural gas to around 413,000 industrial, commercial, and
domestic customers through its pipeline network, and
compressed natural gas to over 200,000 vehicles through its
55 retail outlets. GCCL is a subsidiary of GSPC Distribution
Networks Limited. The company primarily operates in India,
where it is headquartered in Ahmedabad.\r\nThe company
recorded revenues of INR31,128.7 million (approximately
$535.1 million) in the fiscal year ended December 2013, an
increase of 1.5% over 2012. The company's operating profit
was INR4,723.2 million (approximately $81.2 million) in fiscal
2013, an increase of 37.9% over 2012. Its net profit was
INR3,705.3 million (approximately $63.7 million) in fiscal
2013, an increase of 28.4% over 2012.\r\n

Industry Energy and Utilities-->Commodity-->Gas
Energy and Utilities-->Natural Resources-->Midstream
Energy-->Pipelines
Address 2 Shanti Sadan Society, Near Parimal Garden
Country India
Website http://www.gujaratgas.com
Phone number 91 79 2646 2980
Advisor information
Target : Gujarat State Petroleum Corporation Limited
Financial advisors
SBI CAPITAL Co., Ltd. (Sub-category: Corporate Finance)
37
434
CAPITAL RAISING
CAPITAL RAISING
Figure 3: IFCI Limited capital raising volume and value trend Figure 4: IFCI Limited capital raising by deal type (2014-
(2014-YTD2018) YTD2018)
Table 3: IFCI Limited capital raising volume and value trend Table 4: IFCI Limited capital raising by deal type (2014-
(2014-YTD2018) YTD2018)
2015 - -
2016 1 86.18
2017 - -
2018 - -
38
435
CAPITAL RAISING
Deal Report: IFCI to raise $86.18 million in private placement
Deal in brief
IFCI Limited, an India-based provider of long-term finance to the industrial sector, has agreed to raise up to
INR5,750 million ($86.18 million) through an issue of secured, redeemable, non-convertible bonds in the
nature of debentures on a private placement.
The bonds will carry a coupon rate of 8.55% semi-annually, and are of five-and-half-years of tenure. The
bonds will mature on November 3, 2021.
IFCI expects to list the bonds on the BSE, Ltd.
The offering is expected to close on April 29, 2016.
Target IFCI Limited
Date of announcement Apr 18, 2016

39
436
CAPITAL RAISING

Industry Pharmaceuticals and Healthcare-->Healthcare-->Healthcare
Diagnostics
Diagnostics
Diagnostics
437
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
438
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
439
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
440
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics-->Orthopedic Devices 44
441
CAPITAL RAISING

Diagnostics
Diagnostics
442
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Information Technology 46
443
CAPITAL RAISING

Diagnostics
444
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics-->Dental 48
445
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
446
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
447
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
448
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
449
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
450
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
451
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
452
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics 56
453
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
454
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
455
CAPITAL RAISING

Diagnostics
Diagnostics
456
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
457
CAPITAL RAISING

Diagnostics
458
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
459
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics-->Ophthalmic Devices 63
460
CAPITAL RAISING

Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
Diagnostics
461
CAPITAL RAISING
Diagnostics
Diagnostics
Diagnostics
Diagnostics
462
CAPITAL RAISING

Diagnostics
66
463
DIVESTMENTS
DIVESTMENTS
Divestments – Overview
Figure 5: IFCI Limited divestments volume and value trend Figure 6: IFCI Limited divestments by geography (2014-
(2014-YTD2018) YTD2018)
Table 5: IFCI Limited divestments volume and value trend Table 6: IFCI Limited divestments activity by geography
(2014-YTD2018) (2014-YTD2018)
2014 1 6.65 North America -
2015 2 79.36 Europe -
2016 3 22.06 Asia-Pacific 6
67
464
DIVESTMENTS
Deal Report: IFCI sells additional stake in National Stock Exchange
Deal in brief
IFCI Limited, a provider of long-term finance to the industrial sector, has sold additional 225,000 shares of
National Stock Exchange of India, Ltd. (NSE), an operator of electronic stock exchange, at the rate of
INR3,950 per share. Both the companies are based in India.
The transaction is valued at INR888.75 million ($13.2 million).
Target National Stock Exchange of India Ltd.
Seller/Vendor IFCI Limited
Deal value (Indian Rupee)(m) 888.17
Target: National Stock Exchange of India Ltd.
Company type Public
National Stock Exchange of India (NSE or the exchange) is

a stock exchange that provides automated screen-based
trading system covering various cities and towns across the
country. The exchange provides various products and
services for multiple markets, including equities, indices,
Business description mutual funds, exchange traded funds, initial public offerings
(IPO), securities lending and borrowing scheme, equity and
currency derivatives, interest rate futures, retail and
wholesale debt market, and corporate bonds. NSE operates
in India, where it is headquartered in Mumbai.
Financial Services
Industry
68
465
DIVESTMENTS
Address Exchange Plaza, Plot number C-1 Block G
Country India
Website www.nseindia.com
Phone number 91 22 2659 8100
69
466
DIVESTMENTS
Deal Report: Soach Global Opportunities Fund acquires stake in National Stock
Exchange of India
Deal in brief
Soach Global Opportunities Fund (SGOF) has acquired a stake in National Stock Exchange of India, Ltd.,
(NSE), an operator of electronic stock exchange, from IFCI Limited, a provider of long-term finance to the
industrial sector, for INR592.5 million ($8.88 million). NSE and IFCI are based in India.
SGOF is a fund managed by Soach Global Corporation Limited, a Hong-Kong based fund management
and advisory group.
IDBI Capital Market Services, Ltd. acted as financial advisor to SGOF on the transaction.
Acquirer Soach Global Opportunities Fund
Deal sub-category Minority acquisition , institutional buy-out (ibo)
Company type Public

Financial Services
Industry
Country India
70
467
DIVESTMENTS
Phone number 91 22 2659 8100
Acquirer: Soach Global Opportunities Fund

Soach Global Opportunities Fund is a fund managed by
Business description Soach Global Corporation Limited, a Hong-Kong based fund
management and advisory group.
Country Hong Kong Special Administrative Region of China
71
468
DIVESTMENTS
Deal Report: IFCI sells stake in National Stock Exchange of India (NSE)
Deal in brief
IFCI Limited, a provider of long-term finance to the industrial sector, has sold 150,000 number of equity
shares of National Stock Exchange of India, Ltd. (NSE), an operator of electronic stock exchange, for
INR592.5 million ($8.93 million) or INR3,950 ($59.59) per equity share. Both the companies are based in
India.
Following the transaction, IFCI will hold a 3.55% stake in NSE.
Company type Public

Financial Services
Industry
72
469
DIVESTMENTS
Country India
Phone number 91 22 2659 8100
73
470
DIVESTMENTS
Deal Report: IFCI sells 1.5% stake in National Stock Exchange of India (NSE)
Deal in brief
According to Livemint, IFCI Limited, a provider of long-term finance to the industrial sector, has sold
675,000 shares, representing a 1.5% stake, in National Stock Exchange of India, Ltd. (NSE), an operator of
electronic stock exchange, to a Mauritius-based fund for approximately INR2,635 million ($39.66 million) or
INR3,900 ($58.71) per equity share. IFCI and NSE are based in India.
IDFC Securities Limited acted as financial advisor to NSE.
Acquirer Undisclosed Fund
Acquired % 1.5
Company type Public

Financial Services
Industry
74
471
DIVESTMENTS
Country India
Phone number 91 22 2659 8100
Acquirer: Undisclosed Fund
Advisor information
Target : National Stock Exchange of India Ltd.
Financial advisors
IDFC Securities Limited
75
472
DIVESTMENTS
Deal Report: IFCI sells 1.5% stake in National Stock Exchange of India (NSE)
Deal in brief
IFCI Limited, a provider of long-term finance to the industrial sector, has sold its 1.5% stake in National
Stock Exchange of India, Ltd. (NSE), an operator of electronic stock exchange, for INR2,632.5 million
($39.7 million). NSE and IFCI are based in India.
Acquirer Undisclosed Acquirers
Acquired % 1.5
Company type Public

Financial Services
Industry
Country India
76
473
DIVESTMENTS
Phone number 91 22 2659 8100
Acquirer: Undisclosed Acquirers
77
474
DIVESTMENTS
Deal Report: SSG Capital Management acquires 49% stake in Assets Care &
Reconstruction (ACRE)
Deal in brief
SSG Capital Management Limited, a Hong Kong-based provider of asset management and financial
restructuring services, has acquired a 49% stake in Assets Care & Reconstruction Enterprise, Ltd., an
India-based asset reconstruction company, for INR410 million ($6.65 million).
ACRE issued preferential shares at a face value of INR10 ($0.16), with a premium of INR12.50 ($0.20)
which were subscribed only by SSG Capital Management.
As part of the transaction, IFCI Limited and Punjab National Bank have reduced their shareholding in
Assets Care & Reconstruction from 40% to 19% and 30% to 15% respectively.
Target Assets Care & Reconstruction Enterprise, Ltd.
Acquirer SSG Capital Management Limited (SSG Capital Partners)
Seller/Vendor 1 Undisclosed Company*
Seller/Vendor 3 Punjab National Bank
Acquired % 49
Target: Assets Care & Reconstruction Enterprise, Ltd.
Assets Care & Reconstruction Enterprise, Ltd. is an asset

reconstruction company. It is engaged in the acquisition of
Business description non performing assets from banks/ financial institutions and
their resolution as per the guidelines issued by Reserve
Bank of India.
Industry
Financial Services
78
475
DIVESTMENTS
Address 6th Floor ,IFCI Tower,61 Nehru Place, 61 Nehru Place
City New Delhi
Country India
Website acreindia.co
Acquirer: SSG Capital Management Limited (SSG Capital Partners)
Industry Asset management firm
SSG Capital Management Limited is a provider of asset

management and financial restructuring services.
Address Suite 6303, The Center, 99 Queen's Road
City Central
Country Hong Kong Special Administrative Region of China
Website www.ssgcapasia.com
Vendor 1: Undisclosed Company*
Vendor 3: Punjab National Bank
Company type Public
Ticker symbol PNB
Punjab National Bank (PNB or 'the group') offers a range of

services such as corporate and personal banking, industrial
finance, agricultural finance, financing of trade and
international banking services. It also offers credit card and
debit cards; life and non-life insurance agency services; gold
coins; and asset management services. The group operates
through a network of 6,760 branches with presence in 9
countries. It is headquartered in New Delhi, India.

Address 7, Bhikhaiji Cama Place
City NEW DELHI
Country India
79
476
DIVESTMENTS
Website www.pnbindia.in
80
477
DIVESTMENTS
Deal in brief
Insurance Co., Ltd.
of IDBI.
Acquired % 81
81
478
DIVESTMENTS

financial services.

Industry
Funds
City Mumbai
State Maharashtra
Country India


Industry Casualty
City Mumbai
State Maharashtra
Country India
Phone number 91 22 2218 9111

82
479
DIVESTMENTS



Casualty
Casualty
Casualty
Health
83
480
DIVESTMENTS
City Chennai
State Tamil Nadu
Country India

Financial Services
Industry
Casualty
City Mumbai
Country India


Casualty
84
481
DIVESTMENTS

Casualty
City New Delhi
State Delhi
Country India

Bengal, India.

Casualty
Casualty
Industry
85
482
DIVESTMENTS

Organizations
City Kolkata
State West Bengal
Country India



Address
Bima Marg
City Mumbai
State Maharashtra
Country India

86
483
DIVESTMENTS
Company type Public

in Mumbai, India.
Financial Services
Casualty
Casualty
Country India
Phone number 91 22 2286 7000
87
484
DIVESTMENTS
Deal Report: Hero Honda and SREI Infrastructure acquire stake in National Stock
Exchange from IFCI and Stock Holding Corporation
Deal in brief
According to VC Circle, The Economic Times reported that Hero Honda Motors Limited, a manufacturer of
two wheeler vehicle, and SREI Infrastructure Finance Limited have acquired a stake in National Stock
Exchange of India, Ltd. (NSE), a demutualized electronic stock exchange, from IFCI, Ltd. and Stock
Holding Corporation of India Limited (SHCIL). All the companies are based in India. SREI is an
infrastructure equipment finance and infrastructure project finance company.
Hero Honda and SREI have acquired 57,200 shares from SHCIL and 12 million shares from IFCI at a price
of INR3,500 ($83.27) per share. The transaction is valued at INR620.2 million ($14.75 million).
IFCI and SHCIL have sold their stake in NSE as capital market regulator Securities and Exchange Board
of India (SEBI) does not allow more than 5% stake. Prior to this transaction, SHCIL had a 7.11% stake in
the NSE.
Acquirer 1 Hero MotoCorp Ltd.
Acquirer 2 SREI Infrastructure Finance Limited
Seller/Vendor 2 Stock Holding Corporation of India Limited
Date of completion Aug 10, 2008
Company type Public

mutual funds, exchange traded funds, initial public offerings
88
485
DIVESTMENTS

Financial Services
Industry
Country India
Phone number 91 22 2659 8100
Acquirer 1: Hero MotoCorp Ltd.
Company type Public
Hero MotoCorp Ltd. (Hero MotoCorp or 'the company') is

engaged in the manufacturing and marketing of motorized
two-wheelers, spare parts, and related services. The
company primarily operates in India. It is headquartered in
New Delhi, India and employed 7,334 people as on March
31, 2015.
Automotive
Automotive-->Automobile Distribution
Automotive-->Automobile Distribution-->New Automobile
Distribution
Industry
Automotive-->Parts, Tires and Aftermarket
Automotive-->Parts, Tires and Aftermarket-->Vehicle Parts
Automotive-->Vehicle Manufacturing
Automotive-->Vehicle Manufacturing-->Motorcycles
Retailing-->Other Specialist Retailers
Address 34 Community Centre, Basant Lok
Country India
Website www.heromotocorp.com
Phone number 91 11 2614 2451
Acquirer 2: SREI Infrastructure Finance Limited
Company type Public
Ticker symbol SREINFRA
Business description Srei Infrastructure Finance Limited (Srei) is an infrastructure-

89
486
DIVESTMENTS
focused public sector non-banking financial service provider.

The company offers a range of infrastructure solutions,
including financing, advisory services and development. Its
product includes term loans, syndicate loans, corporate
loans and working capital loans. The company also offers
services, including infrastructure equipment financing and
leasing, infrastructure project financing, project advisory and
development, insurance broking, venture capital, and capital
market services. It also invests in various sectors, including
telecom infrastructure, transportation, power, and SEZ and
industrial parks. Srei serves its customers through a network
of branches across India. It operates in Russia, Germany,
Singapore, Mauritius, and Nigeria. Srei is headquartered in
Kolkata, India.

Financial Services
Industry >Project, Asset and Structured Finance
Energy
Energy-->Production
Address 6A, Kiran Shankar Roy Road
City Kolkata
State West Bengal
Country India
Website www.srei.com
Vendor 2: Stock Holding Corporation of India Limited

financial services.
Industry Financial Services-->Capital Markets and Trading

90
487
DIVESTMENTS
Funds
City Mumbai
State Maharashtra
Country India
91
488
DIVESTMENTS
Deal Report: Hindusthan National Glass acquires glass container manufacturing plant
from IFCI
Deal in brief
Hindusthan National Glass & Industries, Ltd., a manufacturer of glass containers, has acquired a glass
container manufacturing plant from IFCI Limited, a provider of long-term finance to the industrial sector.
Target IFCI Limited-Glass Container Manufacturing Plant
Acquirer Hindusthan National Glass & Industries
Target: IFCI Limited-Glass Container Manufacturing Plant
Industry
Paper and Packaging-->Glass Containers and Packaging
Acquirer: Hindusthan National Glass & Industries
Company type Public
Ticker symbol HINDNATGLS
Hindusthan National Glass & Industries Ltd. (Hindusthan

National) is a manufacturer of container glass in India. The
company produces container glass products with various
ranges across multi-colored bottle. These products find
application in pharmaceuticals, liquor, beverages, cosmetics
and processed food industries. The company also operates
a network manufacturing facilities at Bahadurgarh,
Neemrana, Nasik, Rishikesh, Rishra and Puducherry, India.
Its clientele includes Nestle, Dabur, Coca Cola, Unilever,
Lupin, Heinz, Diageo, and Amul. The company conducts
business operations through its subsidiaries including HNG
Global GmbH, HNG Float Glass Limited and AMCL
Machinery Limited. Hindusthan National is headquartered in
Kolkata, West Bengal, India.
92
489
DIVESTMENTS
Paper and Packaging

>Glues, Adhesives and Tapes
Paper and Packaging-->Glass Containers and Packaging
Paper and Packaging
Industry
Paper and Packaging
Paper and Packaging
Paper and Packaging
Paper and Packaging
Paper and Packaging-->Plastic Containers and Packaging
Address 2, Red Cross Place
City KOLKATA
Country India
Website www.hngindia.com
93
490
DIVESTMENTS
Deal Report: New York Stock Exchange to acquire 5% stake in India's National Stock
Exchange
Deal in brief
Industrial Finance Corporation of India Limited (IFCI Ltd.) that holds 12.44% equity shares of National
Stock Exchange of India Ltd. (NSE), has agreed to sell 31.5 million equity shares (constituting 7% holding)
to four institutional investors including Goldman Sachs, NYSE, General Atlantic and Soft Bank.
Earlier on January 10, 2007, NYSE Group, an operator of two securities exchanges, has signed a
definitive agreement to acquire a 5% equity stake in National Stock Exchange of India. Merrill Lynch & Co.
acted as financial advisor to NYSE Group, Inc. in connection with the transaction.
Acquirer 1 The Goldman Sachs Group, Inc.
Acquirer 2 New York Stock Exchange Group, Inc.
General Atlantic LLC (General Atlantic Service Company,

Acquirer 3
LLC)
Acquirer 4 SoftBank Capital
Acquired % 5
Date of announcement Mar 31, 2007
Company type Public

Industry
94
491
DIVESTMENTS
Financial Services
Country India
Phone number 91 22 2659 8100
Revenues 4,725.06 106.27
EBITDA 2,968.34 66.76
Net assets 646.49 14.54
Key ratios
Acquirer 1: The Goldman Sachs Group, Inc.
Company type Public
Stock exchange NYSE (New York Stock Exchange)
Ticker symbol GS
The Goldman Sachs Group, Inc. (Goldman Sachs or 'the

group') is one of the leading global investment banking,
securities, and investment management firms that provide a
range of financial services to a diversified client base that
includes corporations, financial institutions, governments and
high-net-worth individuals. The group primarily operates in
the Americas. It is headquartered in New York City, New
York.

Financial Services
Financial Services-->Institutional Investment Management--
Industry
>Hedge Funds
Financial Services-->Capital Markets and Trading-->Bond
Markets
95
492
DIVESTMENTS
>Brokerage
and Settlement
>Commodity Markets
>Derivatives
Markets
>Exchanges
Financial Services-->Capital Markets and Trading-->Foreign
Exchange (FX)
Financial Services-->Capital Markets and Trading-->Money
Markets
>Treasury and Cash Management
>Wholesale Payments
>Capital Raising
Funds
>Pension Funds and Institutional Fund Management
Accounts
>Securities Custody
Banking
Banking
Banking Services
Address 200 West Street
City New York
State New York

96
493
DIVESTMENTS
Website www.goldmansachs.com
Acquirer 2: New York Stock Exchange Group, Inc.
NYSE Group is a provider of securities listing, trading and

market data products and services. It operates two securities
exchanges: the New York Stock Exchange LLC (NYSE) and
NYSE Arca, Inc. (formerly known as the Pacific Exchange).
Financial Services
Markets
>Exchanges
Industry Financial Services-->Capital Markets and Trading
Markets
>Brokerage
Markets
Address 11 Wall Street
City New York
State New York
Website www.nyse.com
Acquirer 3: General Atlantic LLC (General Atlantic Service Company, LLC)
General Atlantic LLC is a growth equity firm that provides

capital and support for growth companies.
Address 600 Steamboat Road, Suite 105
City Greenwich
State Connecticut
Website www.generalatlantic.com
Acquirer 4: SoftBank Capital

97
494
DIVESTMENTS
SoftBank Capital is a venture capital firm focused on high

growth technology based businesses. The firm invests
across all stages of development of a company focusing on
technology and retailing sectors.
38 Glen Avenue
Address
City Newton
State Massachusetts
Website www.softbank.com
Advisor information
Acquirer 2: New York Stock Exchange Group, Inc.
Financial advisors
Merrill Lynch & Co., Inc.
98
495
DIVESTMENTS
Deal Report: Hyatt acquires hotel business of Balaji Hotels
Deal in brief
Hyatt group, a US based chain of hotels, has acquired the half-constructed hotel property of Balaji Hotels
and Enterprises Ltd. The consideartion for the transaction is expected to be around INR2000 ($44.95)
million.
Balaji Hotels owes IFCI Limited INR1600 ($35.97)million. Another INR500 ($11.24) million is owed to ICICI
Bank.
Target Balaji Hotels and Enterprises Ltd. - Hotel business
Acquirer Hyatt Corporation
Target: Balaji Hotels and Enterprises Ltd. - Hotel business
The asset being sold includes the half-constructed hotel

property of Balaji Hotels and Enterprises Ltd on the arterial
Anna Salai in Chennai, from IFCI Limited, the main creditor.
The hotel was designed to be a 320-room 7-star facility.
Also included in the original project was a 250,000 sq.ft.
commercial space.
Industry
Leisure and Arts-->Hotels and Restaurants-->Hotels
Acquirer: Hyatt Corporation
Hyatt Corporation is an owner and operator of hotels and

Business description resorts based in the US. The company offers VIP concierge
floors, restaurants and custom catering services.
Industry
99
496
DIVESTMENTS
Leisure and Arts-->Hotels and Restaurants

Leisure and Arts
Leisure and Arts-->Hotels and Restaurants-->Hotels
Address 71 South Wacker Drive, 12th Floor
City Chicago
State Illinois
Website www.hyatt.com
100
497

Private Equity and Ownership – Deal reports
Deal Report: IFCI not to sell 26% stake to bidders
Deal in brief
IFCI Limited, a provider of long-term finance, project finance, non-project specific assistance, and
corporate advisory services, has decided not to sell a 26% stake in the company.
Ernst & Young (E&Y) appointed as the consultant for the proposed stake sale in IFCI.
Kotak Mahindra Bank, Ltd.; a consortium of Sterlite Industries (India), Ltd. and Morgan Stanley & Co.;
Infrastructure Development Finance Company, Ltd.;Natixis; Newbridge Asia IV, L.P; Cargill Financial
Services Corporation; Shinsei Bank, Punjab National Bank and J.C. Flowers & Co.; The Blackstone Group
L.P.; and a consortium of WL Ross & Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank,
and Housing Development Finance Corporation, Ltd. were in the to acquire the stake in the company.
Target IFCI Limited
Acquirer 1 Cargill Financial Services Corporation
Acquirer 2 Kotak Mahindra Bank Ltd.
Acquirer 3 IDFC Limited
Acquirer 4 Shinsei Bank, Limited
Acquirer 5 Natexis Banques Populaires
Acquirer 6 Vedanta Limited
Acquirer 7 General Electric Capital Corporation
Acquirer 8 Standard Chartered Bank
Acquirer 9 Morgan Stanley
Acquirer 10 Housing Development Finance Corporation Limited
Acquirer 11 The Blackstone Group L.P.
Acquirer 12 GS Capital Partners VI Fund
Acquirer 13 Newbridge Asia IV, LP
Acquirer 14 WL Ross & Co, LLC
Acquirer 15 Punjab National Bank
Acquirer 16 J.C. Flowers & Co. LLC
Deal status Terminated
101
498
Acquired % 26
Date of termination Dec 19, 2007
Deal financials
Valuation multiples (IFCI Limited)
EV/Revenues 6.64
EV/EBITDA 10.91
IFCI Limited Financial information – (Fiscal year 31-Mar-2007)
Revenues 20,466.80 471.35
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer 1: Cargill Financial Services Corporation
102
499
Industry
Financial Services
Acquirer 2: Kotak Mahindra Bank Ltd.
Company type Public
Kotak Mahindra Bank, a part of the Kotak Mahindra Group,

is engaged in providing a range of banking and financial
services. The bank offers banking and savings, loans and
Business description borrowings, investments and insurance, and corporate and
institutional services. Kotak Mahindra Bank operates in
India, the UK, the US, Mauritius, the UAE and Singapore. It
is headquartered in Mumbai, India.

Address 27BKC, C 27 G Block
Country India
Website www.kotak.com
Phone number 91 22 6166 0000
Acquirer 3: IDFC Limited
Company type Public
IDFC is engaged in financing infrastructure projects in

sectors like energy, telecommunication, transportation,
commercial and industrial projects, including hospitals,
education, tourism and hotels. The group provides project
financing, investment banking and asset management. The
group operates in India, where it is headquartered in Mumbai
and employs around 225 people.
Financial Services
Industry
Address Naman Chambers, C-32 G-Block
Country India
Website www.idfc.com
103
500
Phone number 91 22 4222 2000
Acquirer 4: Shinsei Bank, Limited
Company type Public
Ticker symbol 8303
Shinsei Bank, Limited (Shinsei Bank) is a financial institution.

The bank offers commercial banking and various financial
services. Its financial products and services include deposit
products, corporate loans, consumer and business loans,
credit cards, insurance services, credit guarantees, leasing
services, mergers and acquisition services, securities trading
services, real estate services, foreign exchange and
derivatives services. It also provides financing, leasing and
rentals, and alliance services to small and medium
businesses. The bank provides various services related to
foreign exchange, derivatives, equity trading, and other
capital markets transactions. The bank operates through a
network of offices in Japan. Shinsei Bank is headquartered
in Tokyo, Japan.
Financial Services
Exchange (FX)
Financial Services-->Offshore Financial Services
>Mortgage Lending
Accounts
Funds
Accounts
104
501

Banking
>Renewables-->Biofuels
Casualty
Fuels
Nihonbashi Muromachi Nomura Bldg., 2-4-3, Nihonbashi

Address
Muro-machi
City Tokyo
State Tokyo
Country Japan
Website www.shinseibank.com
Acquirer 5: Natexis Banques Populaires
Natexis Banques Populaires is the financing, investment

banking and services arm of Banque Populaire, a leading
French financial services group. The company offers
services including traditional banking, corporate and
institutional banking, private equity, wealth management and
asset management. It also undertakes services business
and receivable management business. It primarily operates
in France, the EU, Canada, OCED countries and the US.
The company is headquartered in Paris, France, and it
employs about 13,000 people.The company recorded
revenues of E3,091 million during the fiscal year ended
December 2005, an increase of 14.2% over 2004. The
operating profit of the company was E1,034 million during
fiscal year 2005, an increase of 22.8% over 2004. The net
profit was E695 million in fiscal year 2005, an increase of
42.4% over 2004.

Banking
Acquirer 6: Vedanta Limited
Company type Public

105
502
Ticker symbol VEDL
Vedanta Limited (Vedanta), formally known as Sesa Sterlite

Limited, is a diversified metal and mining company. The
company, along with its subsidiaries, focuses on the
exploration, mining, processing and exporting of natural
resources; power; and oil and gas business. Its products
portfolio includes lead, zinc, silver, copper, iron ore,
Business description aluminum, commercial power and oil and gas. It also carries
out the production of pig iron and metallurgical coke. The
company also provides support activities, such as shipping
and shipbuilding. It has operations across India, Ireland,
South Africa, Australia, the Netherlands, Namibia, Sri Lanka
and Liberia. Vedanta is a subsidiary of Vedanta Resources
plc, and headquartered in Panaji, Goa, India.

Metals and Mining
Mining
Nickel Ore Mining
Industry
Metals and Mining-->Metal Ore Mining-->Iron Ore Mining
Ore Mining
Ore Mining
Metals and Mining
Metals and Mining-->Primary Metal Manufacturing-->Non-
Ferrous Metals
Address Sesa Ghor, 20 Edc Complex, Patto
City Panaji
State Goa
Country India
Website www.vedantalimited.com
Acquirer 7: General Electric Capital Corporation
General Electric Capital Corporation is a diversified financial

services company engaged in commercial finance,
consumer finance, equipment management and insurance.
The company operates in three segments GE Commercial
Finance, GE Money, and GE Infrastructure. GE Commercial
Business description Finance offers a range of financial services worldwide. It
specializes in offering loans, leases, and other financial
services to customers, including manufacturers, distributors,
and end-users for various equipment and capital assets.
These assets include industrial-related facilities and
equipment; commercial and residential real estate; vehicles;
106
503
corporate aircraft; and equipment used in many industries,

including the construction, manufacturing, transportation,
telecommunications, and healthcare industries. GE Money is
a provider of financial services to consumers and retailers. It
offers a range of financial products, including private-label
credit cards; personal loans; bank cards; auto loans and
leases; mortgages; debt consolidation; home equity loans;
corporate travel and purchasing cards; deposit and other
savings products; small and medium enterprise lending; and
credit insurance on a global basis. GE Infrastructure is a
provider of essential technologies to developed, developing,
and emerging countries, with products and services in
aviation, energy, oil and gas, transportation, and water and
process technologies. GE Infrastructure also provides
aviation financing as well as energy and water investing,
lending, and leasing.

Banking Services
Industry
Casualty
>Consumer Lending
>Mortgage Lending
Address 260 Long Ridge Road
City Stamford
State Connecticut
Website www.ge.com/en/
Acquirer 8: Standard Chartered Bank
Standard Chartered Bank is engaged in the business of

banking and the provision of other financial services.
Business description Standard Chartered Bank is engaged in personal banking,
small and medium enterprise (SME) banking, corporate
banking, and fund management services.
Financial Services
Industry
107
504

Banking
Address 1 Basinghall Avenue
City London
Country United Kingdom
Website www.standardchartered.com
Phone number 44 20 7885 8888
Acquirer 9: Morgan Stanley
Company type Public
Ticker symbol MS
Morgan Stanley (or 'the company') is a global financial

services firm. The company provides investment banking,
financial advisory services, wealth management, asset
management, credit cards and other related consumer
products and services. Morgan Stanley operates in the
Americas, Europe, Asia Pacific, the Middle East and Africa.
It is headquartered in New York City, New York, and
employed 56,218 people as on December 31, 2015.
Financial Services
>Hedge Funds
Markets
>Brokerage
and Settlement
Industry
>Commodity Markets
>Derivatives
Markets
>Exchanges
Exchange (FX)
Markets
108
505

>Capital Raising
>Capital Raising
Funds
Banking
Banking
>Consumer Lending
Casualty
Diagnostics
Diagnostics
109
506
Address 1585 Broadway, New York
Website www.morganstanley.com
Acquirer 10: Housing Development Finance Corporation Limited
Company type Public
Housing Development Finance Corporation Limited (HDFC

or 'the corporation') is a financial conglomerate offering a
range of financial services, including banking, insurance (life
and non-life), asset management, real estate venture capital,
and education loans. The corporation primarily operates in
India and has a network of 401 outlets, including 116 offices
of the wholly owned distribution company. HDFC is

>Wholesale Payments
Banking Services
Industry Casualty
Casualty
Health
110
507

Technologies
Accounts
>Consumer Lending
>Mortgage Lending
Accounts
Funds
Accounts
Banking
Address Ramon House, H. T. Parekh Marg
State Maharashtra
Country India
Website www.hdfc.com
Phone number 91 22 6176 6000
Acquirer 11: The Blackstone Group L.P.

Asset management firm, private equity firm,
Industry
investment/merchant bank, others, swaps dealer
The Blackstone Group L.P. (Blackstone or ‘the company’) is

a US-based investment and advisory firm engaged in asset
management and providing capital markets services. The
company's asset management business includes the
management of private equity funds, real estate funds,
hedge funds solutions, and non-investment grade credit,
secondary funds and other multi-asset class strategies. The
company operates in North America, Europe and Asia
Pacific. It is headquartered in New York City, New York and
employed around 2,060 people as on December 31, 2015.
111
508
Address 345 Park Avenue, New York City
Website www.blackstone.com
Acquirer 12: GS Capital Partners VI Fund
Industry Privateequity
Goldman, Sachs & Co. is the general partner of GS Capital

Partners VI Fund.
Address 85 Broad Street
City New York
State New York
Website www.gs.com
Acquirer 13: Newbridge Asia IV, LP
Address 301 Commerce Street, Suite 3300
City Fort Worth
Website www.newbridgecapital.com
Acquirer 14: WL Ross & Co, LLC

Private equity firm, swaps dealer, quasi-government
Industry
organization, nasd member broker/dealer
Address 1166 Avenue of the Americas
City New York
State New York
Website www.wlross.com
Acquirer 15: Punjab National Bank
Company type Public

112
509
Ticker symbol PNB


City NEW DELHI
Country India
Acquirer 16: J.C. Flowers & Co. LLC
Industry Investment company, swaps dealer
J.C. Flowers & Co. LLC (JCF) is a private equity investment

firm based in the US. The company targets investment
across all sub-sectors of the financial services industry. It
focuses on investment in banks, insurance and re-insurance
firms, asset management and brokerage houses, credit card
companies, consumer finance businesses, mortgage firms,
non-banking financial services and stock exchanges. With
investments worth US$15 billion, including co-investment, in
45 portfolio companies across 16 countries, JCF seeks to
invest in North America, Asia, Western Europe and the US.
The company operates an additional office in London, the
UK. JCF is headquartered in New York, the US.
Address 717 Fifth Avenue, 26th Floor
City New York
State New York
Website www.jcfco.com
Advisor information
113
510
Target : IFCI Limited
Financial advisors
Ernst & Young AG
114
511
Deal Report: IFCI terminates 26% stake sale to Infrastructure Development Finance
Company
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to Infrastructure Development Finance
Company Limited, a specialized infrastructure finance company.
IFCI has also completely stalled the sale process, in which General Electric Capital Corporation; Kotak
Mahindra Bank, Ltd.; a consortium of Sterlite Industries (India), Ltd. and Morgan Stanley & Co.; Natixis;
Newbridge Asia IV, L.P; Cargill Financial Services Corporation; Shinsei Bank, Punjab National Bank and
J.C. Flowers & Co.; The Blackstone Group L.P.; and a consortium of WL Ross & Co. LLC, GS Capital
Partners VI Fund, Standard Chartered Bank, and Housing Development Finance Corporation, Ltd. were
interested.
Target IFCI Limited
Acquirer IDFC Limited
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35

115
512
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer: IDFC Limited
Company type Public
IDFC is engaged in financing infrastructure projects in

sectors like energy, telecommunication, transportation,
commercial and industrial projects, including hospitals,
education, tourism and hotels. The group provides project
financing, investment banking and asset management. The
group operates in India, where it is headquartered in Mumbai
and employs around 225 people.
Financial Services
Industry
Address Naman Chambers, C-32 G-Block
Country India
Website www.idfc.com
Phone number 91 22 4222 2000
116
513
Deal Report: IFCI terminates 26% stake sale to Blackstone Group
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to The Blackstone Group L.P., a private
equity firm.
IFCI has also completely stalled its stake sale process, in which General Electric Capital Corporation;
Infrastructure Development Finance Company, Ltd.; Newbridge Asia IV, L.P; Cargill Financial Services
Corporation; Shinsei Bank, Punjab National Bank and J.C. Flowers & Co.; Natixis; and a consortium of WL
Ross & Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing Development
Finance Corporation, Ltd. were interested.
Target IFCI Limited
Acquirer The Blackstone Group L.P.
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35
117
514
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer: The Blackstone Group L.P.

Asset management firm, private equity firm,
Industry
investment/merchant bank, others, swaps dealer
The Blackstone Group L.P. (Blackstone or ‘the company’) is

a US-based investment and advisory firm engaged in asset
management and providing capital markets services. The
company's asset management business includes the
management of private equity funds, real estate funds,
hedge funds solutions, and non-investment grade credit,
secondary funds and other multi-asset class strategies. The
company operates in North America, Europe and Asia
Pacific. It is headquartered in New York City, New York and
employed around 2,060 people as on December 31, 2015.
Address 345 Park Avenue, New York City
Website www.blackstone.com
118
515
Deal Report: IFCI terminates 26% stake sale to Standard Chartered Bank consortium
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to the consortium of WL Ross & Co.
LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing Development Finance
Corporation, Ltd.
Corporation; Shinsei Bank, Punjab National Bank, and J.C. Flowers & Co.; The Blackstone Group L.P.;
and Natixis were interested.
Target IFCI Limited
Acquirer 1 Standard Chartered Bank
Acquirer 2 Housing Development Finance Corporation Limited
Acquirer 3 GS Capital Partners VI Fund
Acquirer 4 WL Ross & Co, LLC
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91

119
516
Revenues 20,466.80 471.35
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer 1: Standard Chartered Bank
Standard Chartered Bank is engaged in the business of

banking and the provision of other financial services.
Business description Standard Chartered Bank is engaged in personal banking,
small and medium enterprise (SME) banking, corporate
banking, and fund management services.
Financial Services
Industry
Banking
Address 1 Basinghall Avenue
City London
Country United Kingdom
Website www.standardchartered.com
Phone number 44 20 7885 8888
Acquirer 2: Housing Development Finance Corporation Limited
Company type Public

120
517
Housing Development Finance Corporation Limited (HDFC

or 'the corporation') is a financial conglomerate offering a
range of financial services, including banking, insurance (life
and non-life), asset management, real estate venture capital,
and education loans. The corporation primarily operates in
India and has a network of 401 outlets, including 116 offices
of the wholly owned distribution company. HDFC is

>Wholesale Payments
Banking Services
Casualty
Casualty
Industry Health
Technologies
Accounts
>Consumer Lending
>Mortgage Lending
121
518

Accounts
Funds
Accounts
Banking
Address Ramon House, H. T. Parekh Marg
State Maharashtra
Country India
Website www.hdfc.com
Phone number 91 22 6176 6000
Acquirer 3: GS Capital Partners VI Fund
Industry Privateequity
Goldman, Sachs & Co. is the general partner of GS Capital

Partners VI Fund.
Address 85 Broad Street
City New York
State New York
Website www.gs.com
Acquirer 4: WL Ross & Co, LLC

Private equity firm, swaps dealer, quasi-government
Industry
organization, nasd member broker/dealer
Address 1166 Avenue of the Americas
City New York
State New York

122
519
Website www.wlross.com
123
520
Deal Report: IFCI terminates 26% stake sale to General Electric Capital
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to General Electric Capital Corporation,
a financial services company.
IFCI has also completely stalled its stake sale process, in which Kotak Mahindra Bank, Ltd.; a consortium
of Sterlite Industries (India), Ltd. and Morgan Stanley & Co.; Infrastructure Development Finance
Company, Ltd.; Natixis; Newbridge Asia IV, L.P; Cargill Financial Services Corporation; Shinsei Bank,
Punjab National Bank and J.C. Flowers & Co.; The Blackstone Group L.P.; and a consortium of WL Ross
& Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing Development Finance
Corporation, Ltd. were interested.
Target IFCI Limited
Acquirer General Electric Capital Corporation
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35
124
521
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Market capitalization 931,807.35 21,459.50
Key ratios
Acquirer: General Electric Capital Corporation
General Electric Capital Corporation is a diversified financial

services company engaged in commercial finance,
consumer finance, equipment management and insurance.
The company operates in three segments GE Commercial
Finance, GE Money, and GE Infrastructure. GE Commercial
Finance offers a range of financial services worldwide. It
specializes in offering loans, leases, and other financial
services to customers, including manufacturers, distributors,
and end-users for various equipment and capital assets.
These assets include industrial-related facilities and
equipment; commercial and residential real estate; vehicles;
corporate aircraft; and equipment used in many industries,
including the construction, manufacturing, transportation,
Business description telecommunications, and healthcare industries. GE Money is
a provider of financial services to consumers and retailers. It
offers a range of financial products, including private-label
credit cards; personal loans; bank cards; auto loans and
leases; mortgages; debt consolidation; home equity loans;
corporate travel and purchasing cards; deposit and other
savings products; small and medium enterprise lending; and
credit insurance on a global basis. GE Infrastructure is a
provider of essential technologies to developed, developing,
and emerging countries, with products and services in
aviation, energy, oil and gas, transportation, and water and
process technologies. GE Infrastructure also provides
aviation financing as well as energy and water investing,
lending, and leasing.

Industry
Banking Services
125
522
Casualty
>Consumer Lending
>Mortgage Lending
Address 260 Long Ridge Road
City Stamford
State Connecticut
Website www.ge.com/en/
126
523
Deal Report: IFCI terminates 26% stake sale to Kotak Mahindra Bank
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to Kotak Mahindra Bank Limited, a
financial conglomerate.
IFCI has also completely stalled its stake sale process, in which General Electric Capital Corporation; a
consortium of Sterlite Industries (India), Ltd. and Morgan Stanley & Co.; Infrastructure Development
Finance Company, Ltd.; Natixis; Newbridge Asia IV, L.P; Cargill Financial Services Corporation; Shinsei
Bank, Punjab National Bank and J.C. Flowers & Co.; The Blackstone Group L.P.; and a consortium of WL
Ross & Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing Development
Finance Corporation, Ltd. were interested.
Target IFCI Limited
Acquirer Kotak Mahindra Bank Ltd.
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35
127
524
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer: Kotak Mahindra Bank Ltd.
Company type Public
Kotak Mahindra Bank, a part of the Kotak Mahindra Group,

is engaged in providing a range of banking and financial
services. The bank offers banking and savings, loans and
Business description borrowings, investments and insurance, and corporate and
institutional services. Kotak Mahindra Bank operates in
India, the UK, the US, Mauritius, the UAE and Singapore. It
is headquartered in Mumbai, India.

Address 27BKC, C 27 G Block
Country India
Website www.kotak.com
Phone number 91 22 6166 0000
128
525
Deal Report: IFCI terminates 26% stake sale to Sterlite Industries and Morgan Stanley
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to a consortium of Sterlite Industries
(India), Ltd., a copper producer, and Morgan Stanley & Co, a financial services company.
General Electric Capital Corporation; Kotak Mahindra Bank, Ltd.; Infrastructure Development Finance
Company Limited; Natixis; Newbridge Asia IV, L.P; Cargill Financial Services Corporation; Shinsei Bank,
Punjab National Bank and J.C. Flowers & Co.; The Blackstone Group L.P.; and a consortium of WL Ross
& Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing Development Finance
Corporation, Ltd. were also in the race to acquire the stake in the company.
Target IFCI Limited
Acquirer 1 Morgan Stanley
Acquirer 2 Vedanta Limited
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35

129
526
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer 1: Morgan Stanley
Company type Public
Ticker symbol MS
Morgan Stanley (or 'the company') is a global financial

services firm. The company provides investment banking,
financial advisory services, wealth management, asset
management, credit cards and other related consumer
products and services. Morgan Stanley operates in the
Americas, Europe, Asia Pacific, the Middle East and Africa.
It is headquartered in New York City, New York, and
employed 56,218 people as on December 31, 2015.

Financial Services
>Hedge Funds
Markets
Industry >Brokerage
and Settlement
>Commodity Markets
>Derivatives
Markets
>Exchanges
Exchange (FX)
130
527

Markets
>Capital Raising
>Capital Raising
Funds
Banking
Banking
>Consumer Lending
Casualty
Diagnostics
Diagnostics
131
528

Address 1585 Broadway, New York
Website www.morganstanley.com
Acquirer 2: Vedanta Limited
Company type Public
Ticker symbol VEDL
Vedanta Limited (Vedanta), formally known as Sesa Sterlite

Limited, is a diversified metal and mining company. The
company, along with its subsidiaries, focuses on the
exploration, mining, processing and exporting of natural
resources; power; and oil and gas business. Its products
portfolio includes lead, zinc, silver, copper, iron ore,
Business description aluminum, commercial power and oil and gas. It also carries
out the production of pig iron and metallurgical coke. The
company also provides support activities, such as shipping
and shipbuilding. It has operations across India, Ireland,
South Africa, Australia, the Netherlands, Namibia, Sri Lanka
and Liberia. Vedanta is a subsidiary of Vedanta Resources
plc, and headquartered in Panaji, Goa, India.

Metals and Mining
Mining
Nickel Ore Mining
Industry
Metals and Mining-->Metal Ore Mining-->Iron Ore Mining
Ore Mining
Ore Mining
Metals and Mining
Metals and Mining-->Primary Metal Manufacturing-->Non-
Ferrous Metals
Address Sesa Ghor, 20 Edc Complex, Patto
City Panaji
State Goa
Country India
132
529
Website www.vedantalimited.com
133
530
Deal Report: IFCI terminates 26% stake sale to Natixis
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to Natixis, a provider of banking and
related services.
Corporation; Shinsei Bank, Punjab National Bank and J.C. Flowers & Co.; The Blackstone Group L.P.; and
a consortium of WL Ross & Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and
Housing Development Finance Corporation, Ltd. were interested.
Target IFCI Limited
Acquirer Natexis Banques Populaires
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35
134
531
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer: Natexis Banques Populaires
Natexis Banques Populaires is the financing, investment

banking and services arm of Banque Populaire, a leading
French financial services group. The company offers
services including traditional banking, corporate and
institutional banking, private equity, wealth management and
asset management. It also undertakes services business
and receivable management business. It primarily operates
in France, the EU, Canada, OCED countries and the US.
The company is headquartered in Paris, France, and it
employs about 13,000 people.The company recorded
revenues of E3,091 million during the fiscal year ended
December 2005, an increase of 14.2% over 2004. The
operating profit of the company was E1,034 million during
fiscal year 2005, an increase of 22.8% over 2004. The net
profit was E695 million in fiscal year 2005, an increase of
42.4% over 2004.

Banking
135
532
Deal Report: Newbridge withdraws bid to acquire 26% stake in IFCI
Deal in brief
Newbridge Asia IV, L.P., a buy-out fund, has withdrawn its bid to acquire a 26% stake in IFCI Limited, a
provider of long-term finance to the industrial sector. The bid has been withdrawn due to the changes in
circumstances.
The other bidders interested in the stake include: General Electric Capital Corporation; Kotak Mahindra
Bank, Ltd.; a consortium of Sterlite Industries (India), Ltd. and Morgan Stanley & Co.; Infrastructure
Development Finance Company, Ltd.; The Blackstone Group L.P; Cargill Financial Services Corporation;
a consortium of Shinsei Bank, Ltd., Punjab National Bank and J.C. Flowers & Co. LLC; Natixis; and a
consortium of WL Ross & Co. LLC, GS Capital Partners VI Fund, Standard Chartered Bank, and Housing
Development Finance Corporation, Ltd.
Target IFCI Limited
Acquirer Newbridge Asia IV, LP
Acquired % 26
Date of termination Oct 02, 2007
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91
Revenues 20,466.80 471.35
136
533
EBITDA 12,463.62 287.04
Net assets 27,779.92 639.77
Key ratios
Acquirer: Newbridge Asia IV, LP
Address 301 Commerce Street, Suite 3300
City Fort Worth
Website www.newbridgecapital.com
137
534
Deal Report: IFCI terminates 26% stake sale to Shinsei Bank, Punjab National Bank and
J.C. Flowers
Deal in brief
corporate advisory services, has decided not to sell its 26% stake to the consortium of Shinsei Bank,
Punjab National Bank and J.C. Flowers & Co.
Corporation; The Blackstone Group L.P.; Natixis; and a consortium of WL Ross & Co. LLC, GS Capital
Partners VI Fund, Standard Chartered Bank, and Housing Development Finance Corporation, Ltd. were
interested.
Target IFCI Limited
Acquirer 1 Shinsei Bank, Limited
Acquirer 2 Punjab National Bank
Acquirer 3 J.C. Flowers & Co. LLC
Acquired % 26
Deal financials
EV/Revenues 6.64
EV/EBITDA 10.91

138
535
Revenues 20,466.80 471.35
EBITDA 12,463.62 287.04
Net assets 1,206,249.40 27,779.90
Key ratios
Acquirer 1: Shinsei Bank, Limited
Company type Public
Ticker symbol 8303
Shinsei Bank, Limited (Shinsei Bank) is a financial institution.
The bank offers commercial banking and various financial
services. Its financial products and services include deposit
products, corporate loans, consumer and business loans,
credit cards, insurance services, credit guarantees, leasing
services, mergers and acquisition services, securities trading
services, real estate services, foreign exchange and
derivatives services. It also provides financing, leasing and
rentals, and alliance services to small and medium
businesses. The bank provides various services related to
foreign exchange, derivatives, equity trading, and other
capital markets transactions. The bank operates through a
network of offices in Japan. Shinsei Bank is headquartered
in Tokyo, Japan.
Financial Services
Exchange (FX)
Industry >Mergers and Acquisitions (M&A)
>Mergers and Acquisitions (M&A) 139
536

>Mortgage Lending
Accounts
Funds
Accounts
Banking
>Renewables-->Biofuels
Casualty
Fuels
Nihonbashi Muromachi Nomura Bldg., 2-4-3, Nihonbashi

Address
Muro-machi
City Tokyo
State Tokyo
Country Japan
Website www.shinseibank.com
Acquirer 2: Punjab National Bank
Company type Public
Ticker symbol PNB

140
537


City NEW DELHI
Country India
Acquirer 3: J.C. Flowers & Co. LLC
Industry Investment company, swaps dealer
J.C. Flowers & Co. LLC (JCF) is a private equity investment

firm based in the US. The company targets investment
across all sub-sectors of the financial services industry. It
focuses on investment in banks, insurance and re-insurance
firms, asset management and brokerage houses, credit card
companies, consumer finance businesses, mortgage firms,
non-banking financial services and stock exchanges. With
investments worth US$15 billion, including co-investment, in
45 portfolio companies across 16 countries, JCF seeks to
invest in North America, Asia, Western Europe and the US.
The company operates an additional office in London, the
UK. JCF is headquartered in New York, the US.
Address 717 Fifth Avenue, 26th Floor
City New York
State New York
Website www.jcfco.com
141
538
APPENDIX
APPENDIX
Contact Us
www.marketline.com
executives
• What we offer
• Coverage
research;
–
• Content
142
539
APPENDIX
143
540
APPENDIX
Merger
conditions:
Acquisition
stake in the target
Private equity
or another company

144
541
APPENDIX
funds
management team
Private placement
Venture financing
business concept

145
542
APPENDIX
Partnership
Deal status details
Deal value
of shares.

146
543
APPENDIX

acquirer
percentage
Debt-related fields
categories:
the acquirers
147
544
APPENDIX

shareholdings

148
545
APPENDIX
multiplied by 100.


Deal multiples

 EV/revenues
 EV/EBIT
 EV/EBITDA
 EV/total assets
149
546
APPENDIX
Advisor information
particular deal.
orders submitted
as other
150
547
APPENDIX
About MarketLine
solution.
151
548
APPENDIX

152
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549
India - Agriculture Sector update
27 August 2018 Institutional Equities
Highlights from NABARD’s 3-yearly survey

DD MMM YYYY
NABARD released its inaugural All India Financial Inclusion Figure 1: Average monthly household income, with breakdown by source
Survey (NAFIS) earlier this month, offering interesting insights Source of Income Agricultural HH Non‐Agricultural HH All HHs
into financial aspects of agricultural and rural life. We highlight Cultivation 3,140 (35%) NA 1,494 (19%)
key takeaways, which include: high inequality in rural incomes, Livestock Rearing 711 (8%) NA 338 (4%)
low ownership of agricultural assets, relatively low dependence Other Enterprises 489 (6%) 851 (12%) 679 (8%)
on agricultural income, small land-holdings and a strong
Wage Labour 3,025 (34%) 3,940 (54%) 3,504 (43%)
correlation between larger land-holdings and higher
incomes/access to loans, and negligible coverage of crop Govt./ Pvt. Service 1,444 (16%) 2,326 (32%) 1,906 (24%)
insurance. All in all, the report offers useful (and sometimes Other Sources 122 (1%) 152 (2 %) 138 (2%)
surprising) data around notions of rural life. All Sources Combined 8,931 (100%) 7,269 (100%) 8,059 (100%)
Source: NABARD, IIFL Research; Note: HH = Household
Survey methodology: The sample size of the survey was 40,327 rural IIFL comment: Income from cultivation contributes only 35% of total income for agricultural HH
households (with rural defined as centres with a population <50,000,
i.e., Tier III-VI centres) selected through multi-stage stratified random Figure 2: Proportion of households owning high‐value agricultural assets (%)
sampling from 29 states, 245 districts and 2,016 villages/centres. The
sample size is comparable with the NSSO’s decadal Situation (%)
Assessment Survey (sample = 36,000 HHs). Information is collected 6 5.2
through a structured questionnaire. The reference year is 2016-17. 5
4
Livelihood aspects: 48% of households are agricultural and possess 3
an average land-holding of 1.1 ha. Their average monthly income is 1.8 1.6
2
Rs8,931, of which only 35% comes from cultivation. Only 5.2% 0.8
reported owning tractors for agricultural use, while penetration of drip 1 0.2
irrigation is only 1%. In contrast, penetration of cell phones, TVs and 2- 0
Sprinkler
Harvester
Drip irrigation
Tractor
Power tiller
wheelers is 89%, 56% and 38%, respectively. 80% of households earn
system
<Rs11,000 per month, whereas income rises dramatically for the top
20%, with the 99th percentile at Rs48,833, indicating wide inequalities.
Financial inclusion aspects: 88% of households reported having a

Source: NABARD, IIFL Research
bank account, and 55% of agricultural households reporting saving
during the year, though mostly at home. Only 10% reported any IIFL comment: Penetration rates are extremely low in drip & sprinkler irrigation systems
investment, and that too heavily dependent on borrowing. 47% of all
rural households were indebted, with average outstanding of
Rs104,602. Access to credit improves with rising incomes, particularly
from institutional sources. Crop insurance penetration is only 1%.
Abhijit R. Akella, CFA | abhijit.akella@iiflcap.com Mohit Surana | mohit.surana@iiflcap.com |

91 22 4646 4654 91 22 4646 4657
550
Institutional Equities India - Agriculture
About the survey Administration

NABARD conducted the survey through the Academy of Management
Studies (AMS) and under the guidance of an Advisory Committee
The National Bank for Agriculture and Rural Development (NABARD), in consisting of representatives of the RBI, NSSO, ISI, Kolkata, academia
August 2018, released the results of its inaugural NABARD All India and senior officers of NABARD under the overall guidance of the top
Rural Financial Inclusion Survey (NAFIS). The intention behind the management.
national-level survey, which NABARD proposes to replicate every three
years, is to “offer a comprehensive overview of the status of rural Figure 4: Distribution of agricultural households, by size‐class of land possessed
population in terms of sources of livelihoods, economic status of
households including income, consumption expenditure, and household
assets.” The need for such a survey arose because, according to 1.01‐2.0 ha
NABARD, “existing large sample surveys in this space, conducted by 20%
NSSO such as Situation Assessment Survey (SAS) and All India Debt
Investment survey (AIDIS), are done once in a decade and cover 0.41‐1.0 ha 2.01 ha &
limited aspects ─ either livelihood related or financial, and not both.” 30% above
13%
Figure 3: Highlights of NAFIS 2016‐17
Survey coverage
<0.01 ha
29 states, 245 districts
6%
Tier‐3 to Tier‐6 centres as per RBI classification
40,327 households 0.01‐0.4 ha
1,87,518 population 31%
Source: NABARD, IIFL Research; Note: Ha = hectare
IIFL comment: Land holding sizes remain considerably low; 2/3rds of agricultural HHs possess <1 ha
Sample
The sample size of the survey is 40,327 rural Households (HHs) selected Figure 5: Breakdown of households surveyed between agricultural and non‐agricultural
through multi-stage stratified random sampling from 29 states, 245
Type of household % of total
districts and 2,016 villages/centres. Districts within each state are
Agricultural households 48%
stratified on bank branch density. Villages/centres are stratified into
three: i) those having a population of less than 250, ii) villages having a Non‐agricultural households 52%
bank branch within their boundaries and iii) villages not having a bank Source: NABARD, IIFL Research
branch within their boundaries. Here, rural area is defined as a centre Note: Agricultural HH is defined as one deriving value of produce of more than Rs5,000 in the
with population less than 50,000 (Tier III to Tier VI centres), in tune previous one year, from agriculture and allied activities. All other HHs are classified as Non‐Ag HH.
with NABARD’s mandated jurisdiction. Hence, rural centres (up to IIFL comment: Less than half of rural HHs are categorised as agricultural HHs.
population of 9,999) and some semi-urban centres (up to 49,999
population) come within the purview of the sample. The sample size is
comparable with that of SAS by NSSO (i.e., 36,000). Both agricultural
and non-agricultural households are included in the sample. Information
on all members of the household is collected through a detailed,
structured questionnaire. The reference year is 2016-17.
abh ijit . akella@iif lcap.com 2

551
Asset ownership Figure 7: Proportion of households reporting ownership of livestock assets (in %)

Type of Household Milch Animals Draught Animals Small Ruminants Poultry Birds
Agricultural HH 50.7 10.8 13.6 8.8
Figure 6: Average land owned by households (state‐wise, in ha)
States Agricultural HH Non‐Agricultural HH All HHs Non‐Agricultural HH 5.7 1.9 4.1 3.1
Andhra Pradesh 1.06 0.17 0.47 All HHs 27.1 6.1 8.6 5.8
Arunachal Pradesh 1.46 0.37 1.11 Source: NABARD, IIFL Research
Assam 0.98 0.27 0.61 IIFL comment: Milch animals = cows/buffaloes; draught animals = bullocks/animals used to pull a
Bihar 0.40 0.08 0.23 load; small ruminants = goats/sheep
Chhattisgarh 1.23 0.16 0.75
Goa 1.32 0.10 0.13
Gujarat 1.05 0.09 0.65 Figure 8:Proportion of HHs reporting ownership of various consumer durables (in %)
Haryana 1.57 0.11 0.60 Type of HH TV Radio Computer AC Car Scooter/ Landline Mobile
Himachal Pradesh 0.47 0.15 0.37 Motorcycle
Jammu 0.44 0.23 0.39 Agricultural 55.7 3.9 1.8 1.9 2.9 37.9 0.5 89.1
Jharkhand 0.67 0.14 0.41
Non‐Agricultural 59.4 5.4 2.9 2.2 2.3 31.3 0.9 85.3
Karnataka 1.19 0.28 0.81
Kerala 0.74 0.06 0.15 All 57.6 4.7 2.4 2.1 2.6 34.4 0.7 87.0
Madhya Pradesh 1.72 0.10 1.03 Source: NABARD, IIFL Research
Maharashtra 1.67 0.13 0.69 IIFL comment: Penetration of TVs/two‐wheelers is way higher than penetration of drip irrigation
Manipur 1.02 0.34 0.73 systems
Meghalaya 0.79 0.07 0.64
Mizoram 1.36 0.57 1.18
Nagaland 2.06 0.46 1.16
Odisha 0.52 0.12 0.35
Punjab 1.04 0.16 0.53
Rajasthan 1.90 0.30 1.32
Sikkim 0.43 0.21 0.34
Tamil Nadu 1.05 0.08 0.20
Telangana 1.01 0.20 0.58
Tripura 0.42 0.13 0.25
Uttar Pradesh 0.69 0.12 0.47
Uttarakhand 0.63 0.10 0.32
West Bengal 0.37 0.07 0.17
All India 1.00 0.13 0.54
IIFL comment: Low land holdings are a common theme across India

552
Sources of income Figure 10: Average monthly income of agriculture households, state‐wise (Rs/month)

Rs/month
Figure 9: Percentiles (Rs) of average household monthly income West Bengal 7,756
Uttarakhand 10,855
Uttar Pradesh 6,668
Tripura 7,592
48,833 Telangana 8,951
Tamil Nadu 9,775
Sikkim 8,603
Rajasthan 9,013
Punjab 23,133
Odisha 7,731
17,000 Nagaland 9,950
8,333 11,000 Mizoram 9,931
6,667 Meghalaya 10,039
2,500 3,558 4,500 5,500
1,000 Manipur 9,861
0 Maharashtra 10,268
0 10 20 30 40 50 60 70 80 90 100 Madhya Pradesh 7,919
Kerala 16,927
Source: NABARD, IIFL Research Karnataka 10,603
IIFL comment: Sharp disparity in income between the top 5% of rural HHs and the remaining 95%. Jharkhand 6,991
Fig 9 indicates that 90% of rural HHs earn < Rs17,000 per month. The top 5%, on the other hand, Jammu 9,355
earn between Rs23,000 and Rs49,000 Himachal Pradesh 11,828
Haryana 18,496
Gujarat 11,899
Goa 10,687
Chhattisgarh 8,580
Bihar 7,175
Assam 9,878
Arunachal Pradesh 9,072
Andhra Pradesh 6,920
INDIA 8,931
0 5000 10000 15000 20000 25000
IIFL comment: Punjab, Haryana, Kerala rank at the top

553
Figure 11: Average monthly income of agricultural households from various sources, by size of land possessed (Rs per month per household)

Size of land holding‐> <0.01 ha 0.01‐0.4 ha 0.41‐1 ha 1.01‐2 ha >2 ha
Sources of Income Amount (Share %) Amount (Share %) Amount (Share %) Amount (Share %) Amount (Share %)
Cultivation 566 7 1,488 22.4 2,501 30.6 4,485 44.9 7,572 51.6
Livestock Rearing 1,345 16.5 517 7.8 624 7.6 763 7.6 978 6.7
Other Enterprises 251 3.1 384 5.8 455 5.6 416 4.2 1,030 7
Wage Labour 3,508 43.1 2,932 44.1 3,044 37.3 2,777 27.8 3,340 22.7
Govt/ Pvt Service 2,192 26.9 1,281 19.3 1,398 17.1 1,419 14.2 1,612 11
Other Sources 274 3.4 48 0.7 148 1.8 130 1.3 150 1
Total Income 8,136 100 6,650 100 8,171 100 9,990 100 14,682 100
IIFL comment: Even for households that cultivate >2 ha of land, income from cultivation contributes only around half of total income.

554
Figure 12: Distribution of households by number of sources of income (%) Figure 15: Non‐agricultural occupations: people engaged and income earned therefrom

Single Two Three Four or More Estimated Estimated Average
Average no. of
Category Source Sources Sources Sources Total Number of Number of Monthly
members
Agricultural Households 12.7 49.7 28.7 8.9 100 Occupations Households Persons Income per
Engaged per
Non‐Agricultural Households 79.4 17.4 3.2 0 100 Engaged Engaged Household
household
(million) (million) (Rupees)
All Households 46.6 33.3 15.7 4.4 100
Trading, Shopkeeping, etc. 20.4 1.2 24.94 4,988
IIFL comment: Agricultural HHs typically rely on two or more sources of income Selling NTFP/ Forest
0.77 1.3 1.04 2,933
Produce
Figure 13: Monthly income of HHs with single/more sources of income (Rs) Self Employed Profession
3.42 1.3 4.31 5,372
Single Two Three Four or More (doctor, lawyer, etc.)
Category Source Sources Sources Sources Overall Running a Service
Agricultural Households 5,324 7,850 11,385 14,958 8,931 Microenterprise (up to 0.23 1.7 0.4 11,715
Non‐Agricultural Households 7,375 10,287 8,339 11,915 7,269 Rs1million)
All Households 7,102 8,501 11,071 14,942 8,059 Running a Manufacturing
Source: NABARD, IIFL Research Microenterprise (up to 0.17 1.0 0.17 11,752
IIFL comment: The variation in income between agricultural HHs is much wider than the variation Rs2.5million)
between non‐agricultural HHs Running a Service
Microenterprise (above 1.64 1.4 2.26 6,270
Figure 14:Exposure to distress (in the last 10 years) and % of HHs that borrowed to cope Rs1million)
% HHs that faced % HHs that Running a Manufacturing
Distress Events
event borrowed Microenterprise (above 2.18 1.5 3.25 2,927
Crop Failure due to excessive, very low or Rs2.5million)
53.8 63.4%
untimely rainfall MNREGA Works 35.22 1.5 52.83 1,236
Sudden decline in productivity of crops due to
27.6 62.6% Agricultural Labour Works 66.51 1.5 98.15 3,526
pest infestation, etc.
Non‐Agricultural Skilled
Sudden fall in market prices of crops 18.2 65.2% 36.22 1.3 46.03 5,082
Labour Works
Loss of livestock due to flood, diseases, etc. 9.8 65.4%
Non‐Agricultural Unskilled
Source: NABARD, IIFL Research 56.83 1.4 80 4,921
Labour Works
IIFL comment: Weather affected more than half of surveyed HHs in the past decade. Two‐third of
the HHs borrowed money to cope with financial distress Govt. Private Jobs 38.99 1.2 48.59 10,347
IIFL comment: Labour jobs dominate

555
Consumption Figure 18: Average monthly income and consumption expenditure (Rs/month)
Category Income Consumption Expenditure
Agricultural Households 8,931 7,152
Figure 16: Monthly Per Capita Consumption Expenditure, percentiles (Rs)
Non‐Agricultural Households 7,269 6,187
5615 All Households 8,059 6,646
IIFL comment: Agricultural HHs fare a little better than non‐agricultural HHs
Figure 19: Average monthly income and consumption expenditure per HH, by decile (Rs)
2945
Decile Class of Non‐Agricultural
Agricultural Households All Households
2238 MPCE Households
1856
1587 Consumption Consumption Consumption
1185 1375 Income Income Income
997 Expenditure Expenditure Expenditure
765
517 Overall 8,931 7,152 7,269 6,187 8,059 6,646
1 1,293 2,465 793 1,899 1,019 2,156
0 10 20 30 40 50 60 70 80 90 100 2 3,033 3,591 2,498 3,008 2,753 3,286
Source: NABARD, IIFL Research 3 4,963 4,793 3,800 4,173 4,330 4,456
IIFL comment: Sharp jump in monthly consumption expenditure for the top decile 4 5,970 5,711 4,728 4,841 5,342 5,271
5 7,475 6,596 6,231 5,558 6,881 6,101
Figure 17:Expenditure split between food/non‐food items, by size of land holding 6 9,856 7,118 7,011 6,246 8,484 6,697
Expenditure on food items Expenditure on non‐food items 7 9,781 7,584 7,836 6,500 8,817 7,047
100% 8 12,012 8,847 9,169 7,305 10,449 7,999
9 13,702 10,333 10,633 8,716 11,981 9,426
80% 49% 46% 47% 49% 49% 52% 10 22,269 15,134 19,175 13,149 20,548 14,030
60% Source: NABARD, IIFL Research; Note: MPCE = Monthly Per Capita Consumption Expenditure
IIFL comment: Agricultural HHs fare a little better than non‐agricultural HHs across income deciles
40%
51% 54% 53% 51% 51% 48%
20%
0%
combined
0.01‐0.40
0.41‐1.00
1.01‐2.00
<0.01 ha
>2.00 ha
All sizes
ha
ha
ha
IIFL comment: Higher income HHs spend a smaller % of income on food items

556
Savings and investment Figure 23: Proportion of HHs reporting any investment in the last one year (%)

Agricultural Non‐Agricultural All
Decile (of MPCE)
Households Households Households
Figure 20: Proportion of households reporting savings in the last one year (%)
Agricultural Non‐Agricultural All 1 3.1 2.6 2.8
Category
Households Households Households 2 5.9 2.3 4.0
Reporting savings 55.2 46.3 50.6 3 6.3 2.5 4.2
Of whom, saving in institutions 48.5 52.8 44.6 4 7.7 2.1 4.9
Source: NABARD, IIFL Research 5 7.7 2.9 5.4
IIFL comment: Agricultural HHs save a tad more often versus non‐agricultural HHs. Around half of
the savings are in institutions 6 9.3 5.5 7.5
7 9.7 9.6 9.6
Figure 21: Distribution of saver households according to place of savings (%) 8 12.4 10.8 11.6
Agricultural Non‐Agricultural All 9 16.1 17.9 17.1
Place of Saving
Households Households Households 10 28.0 28.6 28.3
Bank 79.8 77.0 78.4
All Households 10.4 8.7 9.5
Self Help Group 30.4 28.4 29.4
Post Office 0.8 0.8 0.8
IIFL comment: As expected, investment increases with rise in standard of living
Home Saving 5.9 4.8 5.4
Chit Fund / Committee 0.4 0.4 0.4 Figure 24:% of HHs reporting any investment in last one year, breakdown by land size
IIFL comment: Savings are mostly with banks >2.00 ha
Figure 22: Average savings per agricultural HH in the last 1 year 1.01‐2.00 ha
Base Saver
Size Class of
Agricultural Base All Agricultural Households 0.41‐1.00 ha
Land Possessed
Households
All Institutional All Institutional % Share of 0.01‐0.40 ha
Agencies Agencies Agencies Agencies Institutional Savings in
<0.01 ha
(Rs) (Rs) (Rs) (Rs) Total Amount Saved
<0.01 ha 14,547 14,447 7,893 7,840 99
All size classes
0.01‐0.40 ha 12,941 12,349 7,658 7,307 95
0.41‐1.00 ha 14,121 13,219 7,795 7,297 94 0% 5% 10% 15% 20%
1.01‐2.00 ha 22,430 21,150 11,836 11,160 94
>2.00 ha 31,831 30,188 15,984 15,159 95
All Size Classes 17,488 16,576 9,657 9,153 95

557
Figure 25: Proportion of HHs investing in various kinds of assets (%) Figure 28: % of investor households by source of funds for investments >Rs10,000
Agricultural Non‐Agricultural All Agricultural Non‐Agricultural All
Indicator Indicator
Households Households Households Households Households Households
HHs that made any investment 10.4 8.7 9.5 Own Funds 40 47 43
HHs that invested in any Financial From institutional sources 38 36 37
3.6 1.5 2.5
Assets From non‐institutional sources 22 17 20
HHs that invested in any Physical TOTAL 100 100 100
8.7 7.5 8.1
Assets Source: NABARD, IIFL Research
HHs that invested in both Financial & IIFL comment: More than half of investments are financed via external sources
1.9 0.3 1.0
Physical Assets
Source: NABARD, IIFL Research Figure 29: % of agri HHs by source of funds for Investments <Rs10,000, by land size (ha)
IIFL comment: Physical assets are more commonly purchased than financial assets Indicator <0.01 0.01‐0.4 0.41‐1 1.01‐2 >2
Own Funds 43 31 40 45 37
Figure 26: Average investment reported in last one year by type of asset (Rs)
From institutional sources 30 37 34 34 45
Indicator From non‐institutional sources 27 32 26 21 18
Households Households Households
All Assets 62,734 (100%) 58,131 (100%) 60,529 (100%) IIFL comment: Even at higher income levels, reliance on external financing remains
Financial Assets 15,731 (25%) 17,595 (30%) 16,624 (27%)
Physical Assets 47,004 (75%) 40,535 (70%) 43,905 (73%)
Figure 27: Average investment reported in last one year by size of land possessed (ha)
All Size
Indicator <0.01 0.01‐0.40 0.41‐1.00 1.01‐2.00 >2.00
Classes
All Assets 41,068 32,054 42,647 77,511 115,448 62,734
Financial Assets 19,923 6,035 11,178 31,764 13,478 15,731
Physical Assets 21,145 26,020 31,469 45,747 101,969 47,004
IIFL comment: Investment in financial assets does not increase with rise in income, whereas
investment in physical assets does

558
Indebtedness Figure 32: Average outstanding debt by MPCE decile (Rs per HH)
Non‐Agricultural
Agricultural Households All Households
Decile Households
Figure 30: Incidence of indebtedness1 by MPCE decile (%)
Class of Per Per Per
By Decile Class of Agricultural Non‐Agricultural All Per Per Per
MPCE Indebted Indebted Indebted
MPCE Households Households Households Household Household Household
Household Household Household
1 39.5 33.8 36.4
1 41,622 99,410 23,952 64,864 32,081 81,839
2 48.0 41.7 44.7 2 44,218 85,836 29,230 64,671 36,414 75,508
3 49.7 37.0 42.8 3 37,023 69,867 25,823 62,249 31,069 66,283
4 49.5 41.1 45.2
4 38,739 72,245 26,116 56,708 32,464 65,111
5 52.9 42.0 47.7
5 49,042 84,495 29,419 64,323 39,648 76,026
6 49.9 44.5 47.3
6 44,408 79,770 28,614 60,441 36,594 70,988
7 51.5 44.6 48.1 7 69,634 124,788 35,489 75,703 52,445 102,211
8 57.9 46.1 51.4 8 64,308 104,661 41,319 85,047 51,635 94,997
9 59.5 50.9 54.7
9 73,304 116,421 42,895 80,769 56,141 97,804
10 68.0 46.4 56.0
10 132,966 186,457 64,488 134,394 94,653 162,466
All Households 52.5 42.8 47.4 Overall 59,053 104,602 35,302 76,731 46,574 91,407
IIFL comment: Borrowings increase as income levels rise, indicating higher investment and better

access to credit
Figure 33: Breakdown of HHs by number of loans taken from Jul‐15 to Jun‐16 (%)
Figure 31: Incidence of indebtedness among agricultural households by size class of land Category No. of Loans Taken Total
possessed (%) One Loan Two Loans 3‐5 Loans
All size classes 53 Agricultural Households 83.2 13.4 3.4 100
<0.01 ha 49 Non‐Agricultural House‐ 85.3 13.2 1.5 100
0.01‐0.4 ha 48 All Households 84.2 13.3 2.5 100
0.41‐1 ha 52 Source: NABARD, IIFL Research
1.01‐2 ha 56 IIFL comment: >80% of HHs took only one loan
>2 ha 60
IIFL comment: Same conclusion as in figure 30
1
Defined as % of HHs with any outstanding loan on the date of survey

559
Figure 34: Distribution of loans by source (% of borrowing HHs) Figure 36: Purpose of taking loans by borrowing households
Agricultural Non‐Agricultural All Purpose All HH
Agency
Households Households Households Sundry domestic needs 25%
Institutional Sources Housing 16%
Commercial Bank / RRB 46.2 26.4 36.6 Medical expenses 15%
SHG‐Bank Linked 10.6 14.4 12.4 Capex for agriculture 13%
SHG‐NBFC/MFI 9.2 13.5 11.3 Running expenses for non‐agri enterprises 11%
Co‐op. Society / Bank 6 5.3 5.7 Running expenses for agriculture 10%
Financial Company 1 1.7 1.3 Capex for non‐agriculture 9%
Finance Corporation 0.7 2.1 1.3 Education 5%
Provident Fund 0.5 0.2 0.3 Source: NABARD, IIFL Research
Insurance 0.3 0.2 0.2
Figure 37: Penetration of Kisan Credit Cards (KCC)
Non‐Institutional Sources
Land Size (ha) Proportion of Households having Valid KCC (%)
Relatives & Friends 22.7 26.8 24.7
Overall 10.5
Moneylenders 10.8 12.3 11.5
< 0.01 1.2
Landlord 6.1 4.3 5.2
0.01 ‐ 0.4 5.9
Doctors, Lawyers, etc. 0.1 0.1 0.1
0.41 ‐ 1 10.8
Input Supplier 0.1 0.1 0.1
Source: NABARD, IIFL Research 1.01 ‐ 2 14.1
IIFL comment: Agricultural HHs use banks for borrowing more often than non‐agricultural HHs > 2 23.8
Figure 35: Average loan taken (Rs) IIFL comment: Higher‐income HHs have better access to credit, and hence naturally use KCCs more
frequently
Source of Loan
Households Households Households Figure 38: Usage of Kisan Credit Card (KCC) (Rs)
From all sources 107,083 (100%) 75,688 (100%) 91,852 (100%) Per Household
From institutional 77,473 (72%) 48,970 (65%) 63,645 (69%) Type of Household Average Sanctioned Average Amount % Limit Utilised
From non‐institutional 29,611 (28%) 26,718 (35%) 28,207 (31%) Limit Drawn
All Agricultural Households 139,208 91,202 65.5
IIFL comment: Agricultural HHs use institutional sources more often
Agricultural households
owning more than 0.4 ha land 164,841 136,970 83.1
and who took loan


560
Insurance Microfinance
Figure 39: Proportion of HHs with at least one member with insurance Figure 42: Proportion of HHs associated with Microfinance
Type of insurance All HH Agri HH Non‐agri HH HHs with any HHs with any
HHs with HHs with any
Any insurance 25% 26% 25% member member
membership in member
Life insurance 15% 17% 13% Categories associated with associated with
any Microfinance associated with
Joint Liability Livelihood
Accident insurance 2% 2% 2% Group Self Help Groups
Groups Groups
Health insurance 6% 5% 7%
All HH 22.7% 20.3% 1.6% 1.2%
Vehicle insurance 5% 5% 6%
Agricultural HH 23.6% 21.6% 1.3% 1.2%
Non‐
21.9% 19.2% 1.9% 1.2%
Figure 40: Agricultural HHs having crop insurance and livestock insurance (%) Agricultural HH
Size Class of Land Agricultural Households Agricultural Households Having
Possessed (Ha) Having Crop Insurance Livestock Insurance
Figure 43: Services availed from microfinance institutions (% of HHs)
< 0.01 ha 0.1 0.7
All Agricultural Non‐ agricultural
0.01 ‐ 0.4 ha 1.5 0.8 Service availed
Households Households households
0.41 ‐ 1 ha 5.1 1.0
Technical support/training for
1.01 ‐ 2 ha 10.8 1.2 20.1 18.7 21.5
any enterprise
> 2 ha 8.0 5.4 Physical inputs for pursuing
All Size Classes 6.9 1.7 14.6 15.5 13.7
any enterprise
Source: NABARD, IIFL Research Cash loans for promoting any
IIFL comment: Penetration of crop insurance is extremely low 26.5 26.6 26.5
enterprise
Cash loans for meeting
Figure 41: Reasons for not taking insurance 64.4 62.5 66.2
personal needs
Reason All HH Agri HH Non‐agri HH
Assistance in marketing of the
Lack of adequate funds 59.0% 66.8% 62.7% 3.3 3.9 2.6
products
Did not feel the need for any insurance 37.8% 31.5% 34.8% Any other type of support 0.3 0.3 0.2
No regular income 28.5% 32.3% 30.3% Source: NABARD, IIFL Research
Want to take, but do not know where to get it 2.5% 2.7% 2.6%
Lack of trust due to bad experience of some family
1.1% 1.8% 1.4%
in village
Other reasons 3.3% 2.4% 2.9%
IIFL comment: The above responses are for HHs that did not have insurance, but are aware about its
availability

561
Financial knowledge, attitude and behaviour Figure 47: Sources of loans

Source Total Rural Urban
Co‐operative society/bank 29.5% 28.8% 33.6%
Figure 44: Modes of saving in past 12 months Relatives & Friends 25.6% 27.2% 17.0%
% Respondents who affirmed to be Self Help Groups 21.4% 21.6% 20.3%
Responses
saving in the given ways Landlord/moneylender 17.1% 17.5% 15.2%
Keeping cash at home or in your wallet 52.1 Commercial bank/RRB 10.2% 10.1% 10.3%
Saving in bank account 38.3 Financial institution 8.8% 8.2% 12.5%
Giving money to family to save on your behalf 21.9 Government 8.1% 7.5% 11.4%
Has not been actively saving 17.2 Source: NABARD, IIFL Research
Saving in informal chit funds or saving clubs/ SHG 9.9
Saving by buying assets like gold, property or Figure 48: Reasons for seeking loans from non‐institutional sources (%)
2
livestock Rural Semi‐Urban Overall
Buying financial investment products like shares, Easy Availability 76.2 71.3 75.7
1.7 The reasons
stocks, bonds, etc No strict time for repayment 38.3 32.5 37.6
cited for
Do not know/Cannot say/Refused to answer 2.6 Loan available for all purposes 25.1 26.8 25.3
taking Loans
Source: NABARD, IIFL Research Low or no rate of interest 26.3 18.7 25.4
from Non‐
IIFL comment: Cash remains a highly popular way of saving Faith on family or friends 32.1 24.6 31.2
Institutional
No paper work needed 24.5 20.5 24.1
Sources
Figure 45: Access to credit No fear of Court legal implications 4.1 6 4.3
Sought from High interest rates 38.5 29.8 37.5
Sought from non‐ Sought Loan Did not
Respondent Institutional Did not Short loan term (maturity) 30 30.3 30.1
institutional but did not Need any
Characteristics Sources and got Seek Excessive collateral requirements 34.3 40.3 34.9
Sources & got it get it Loan
it Lengthy application process 49.4 36.1 47.9
All Households 29% 14% 2% 3% 52% High costs associated with borrowing 17.7 9.7 16.8
The reasons
Source: NABARD, IIFL Research No lending financial institution in
cited for NOT
IIFL comment: % of HHs rejected is low, at only 2% convenient proximity to my business/ 5.8 3.9 5.5
taking Loans
residence
from
Figure 46: Reasons for not getting loan High risks – uncertain of own ability to
Institutional 7.1 4.5 6.8
pay interest and repay principal
Reason Sources
Did not know could receive credit from
Incomplete paperwork 43.0% 4.5 2.1 4.2
a financial institution
Previous debt not repaid 28.8% Didn’t apply because was denied credit
1.4 1.2 1.4
No collateral 24.3% earlier
Poor economic situation 18.3% Didn’t need a loan 0.6 0.2 0.6
Assessed as not creditworthy 8.5% Source: NABARD, IIFL Research
Had loans from other places 6.9%

562
Figure 49: Use of various banking facilities in the last 3 months (% of respondents)
Service type
ATM services 23.6%
Mobile banking services 1.6%
Internet banking services 0.8%
Figure 50: Comfort with various banking services (% of respondents)
Can use it
Type of Can use it with the Don’t know/
independently Afraid of/ not very
Banking help of any family refused to
without comfortable using it
Services member/ friend answer
anyone’s help
ATM/ Micro
73.4 22.3 1.8 2.5
ATM
Mobile Banking 39.1 55.5 1.7 3.7
Internet
51.8 35 2.3 10.9
Banking
Figure 51: Use of various payment mechanisms in the last 3 months (% of respondents)
Mechanism %
Cheque 7.5%
Debit/credit card 7.4%
Money orders 0.6%

563
Disclosure : Published in 2018, © IIFL Securities Limited (Formerly ‘India Infoline Limited’) 2018
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(a) has not received any compensation from the subject company in the past twelve months; (b) has not managed or co-managed public offering of securities for the subject company in the past twelve months; (c)
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564
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(Choose a company from the list on the browser and select the “three years” period in the price chart).
Name, Qualification and Certification of Research Analyst: Abhijit R. Akella, CFA (PGDM), Mohit Surana (PGDM)
IIFL Securities Limited (Formerly ‘India Infoline Limited’), CIN No.: U99999MH1996PLC132983, Corporate Office – IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91-22)
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Key to our recommendation structure
BUY - Stock expected to give a return 10%+ more than average return on a debt instrument over a 1-year horizon.
SELL - Stock expected to give a return 10%+ below the average return on a debt instrument over a 1-year horizon.
Add - Stock expected to give a return 0-10% over the average return on a debt instrument over a 1-year horizon.
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Distribution of Ratings: Out of 217 stocks rated in the IIFL coverage universe, 112 have BUY ratings, 7 have SELL ratings, 72 have ADD ratings and 25 have REDUCE ratings
Price Target: Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or comparison of valuation ratios with companies seen by the analyst as
comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst’s views on the likely course of investor sentiment. Whichever valuation method is used there is a
significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company’s products. Such demand
variations may result from changes in technology, in the overall level of economic activity or, in some cases, in fashion. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries,
in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and political and social conditions. This
discussion of valuation methods and risk factors is not comprehensive – further information is available upon request.

565
National Insurance Company Ltd
__________________________________________________________________________________________
Key Employees
Name Job Title
A K Acharya General Manager

Fast Facts
Headquarters Address , Kolkata, 700071 , India Arun Kaul Director
Director, Deputy Director-
Bhumika Verma
Department
Telephone + 91 22 831705
Bibhuti Bhusan Mishra Director
Fax + 91 22 831740
Dilbagh Singh General Manager
Ticker Symbol, Stock Exchange N/A

Company Overview
Number of Employees N/A
National Insurance Company Ltd (NIC), a
Fiscal Year End December
subsidiary of India based General Insurance
Corp of India, is a general insurance company.
The company’s products portfolio includes motor
Revenue (in US$ million) N/A
insurance, health insurance, rural insurance,
commercial insurance, and industrial insurance.
Its personal insurance products include
individual personal accident insurance,
householder’s insurance, and Janata personal
accident insurance. NIC’s rural insurance
products comprise livestock insurance, sheep
and goat insurance, elephant insurance, dog
insurance, brackish water prawn insurance,
silkworm insurance, plantation insurance, and
Kisan agriculture pumpset insurance. The
company also offers industrial risk insurance,
machinery insurance, electronic equipment
compensation insurance, product liability
insurance, and public liability insurance. It has
operations in Guwahati, Hyderabad, Bangalore,
Dharwad, Kolar, Gurgaon, Delhi, and Naraina,
India. NIC is headquartered in Kolkata, West
Bengal, India.
Key Competitors
AEGON Religare Life Insurance Company Limited
Bajaj Allianz General Insurance Company Limited

Cholamandalam MS General Insurance Company
Limited
PNB MetLife India Insurance Co Ltd
The New India Assurance Co Ltd
___________________________________________________________________________________________
National Insurance Company Ltd - Company Capsule Page 1
566
__________________________________________________________________________________________
TABLE OF CONTENTS
1 National Insurance Company Ltd - Business Analysis ................................................................................. 4
1.1 National Insurance Company Ltd - Company Overview ........................................................................................4
1.2 National Insurance Company Ltd - Major Products and Services .........................................................................5
2 National Insurance Company Ltd - Mergers & Acquisitions and Partnerships ............................................. 7
2.1 National Insurance Company Ltd - M&A and Partnerships Strategy .....................................................................7
3 National Insurance Company Ltd - Key Events ............................................................................................ 9
4 National Insurance Company Ltd - Key Employees ................................................................................... 10
5 National Insurance Company Ltd - Locations and Subsidiaries ................................................................. 11
5.1 National Insurance Company Ltd - Head Office ..................................................................................................11
5.2 National Insurance Company Ltd - Other Locations and Subsidiaries ................................................................11
6 Appendix .................................................................................................................................................... 13
6.1 Methodology .........................................................................................................................................................13
6.2 Disclaimer.............................................................................................................................................................13
___________________________________________________________________________________________
567
__________________________________________________________________________________________
LIST OF TABLES
Table 1: National Insurance Company Ltd - Major Products and Services ......................................................... 5
Table 2: National Insurance Company Ltd - Key Events .................................................................................... 9
Table 3: National Insurance Company Ltd - Key Employees ............................................................................ 10
Table 4: National Insurance Company Ltd - Locations ..................................................................................... 11
___________________________________________________________________________________________
568
__________________________________________________________________________________________
1 National Insurance Company Ltd - Business Analysis
1.1 National Insurance Company Ltd - Company Overview
National Insurance Company Ltd (NIC), a subsidiary of India based General Insurance Corp of India, is a general
insurance company. The company’s products portfolio includes motor insurance, health insurance, rural insurance,
commercial insurance, and industrial insurance. Its personal insurance products include individual personal accident
insurance, householder’s insurance, and Janata personal accident insurance. NIC’s rural insurance products comprise
livestock insurance, sheep and goat insurance, elephant insurance, dog insurance, brackish water prawn insurance,
silkworm insurance, plantation insurance, and Kisan agriculture pumpset insurance. The company also offers industrial
risk insurance, machinery insurance, electronic equipment insurance, commercial risk insurance, workmen compensation
insurance, product liability insurance, and public liability insurance. It has operations in Guwahati, Hyderabad, Bangalore,
Dharwad, Kolar, Gurgaon, Delhi, and Naraina, India. NIC is headquartered in Kolkata, West Bengal, India.
___________________________________________________________________________________________
569
__________________________________________________________________________________________
1.2 National Insurance Company Ltd - Major Products and Services
NIC is an insurance company. Key products offered by the company include the following:
Table 1: National Insurance Company Ltd - Major Products and Services

Products:
Personal Line Insurance:
Individual Personal Accident Insurance
Householders Insurance
Janata Personal Accident Insurance
Rural Insurance:
Livestock Insurance
Sheep and Goat Insurance
Elephant Insurance
Dog Insurance
Brackish Water Prawn Insurance
Silkworm Insurance
Plantation Insurance
Kisan Agriculture Pumpset Insurance
Industrial Insurance:
Erection All Risks Insurance
Contractors All Risks Insurance
Machinery Insurance
Electronic Equipment Insurance
Consequential Loss Policy
Standard Fire and Special Perils Policy
Workmen Compensation Insurance
Product Liability Insurance
Public Liability Insurance
Commercial Insurance:
Burglary Policy
Shopkeepers Policy
Bankers Indemnity Policy
Office Package Policy
Glass Insurance
Money Insurance
Jewellers Block Policy
Extended Warranty Policy
Directors and Officers Liability Policy
Fidelity Guarantee Policy
Marine Cargo Insurance
___________________________________________________________________________________________
570
__________________________________________________________________________________________
Table 1: National Insurance Company Ltd - Major Products and Services

Source: Timetric
___________________________________________________________________________________________
571
__________________________________________________________________________________________
2 National Insurance Company Ltd - Mergers & Acquisitions

and Partnerships
2.1 National Insurance Company Ltd - M&A and Partnerships Strategy
Oriental Insurance Company and National Insurance to Merge with United India Insurance
Deal Type Merger Deal Sub Type
Deal Status Announced Announced Date 2018-02-01
Deal in Brief
Oriental Insurance Company Ltd., a provider of general insurance services, and National Insurance Company Limited., a
provider of general insurance for urban and rural customers, to merge with United India Insurance Co. Ltd., a provider of
non-life insurance products and services. All the companies are based in India.

Participant Company Information
Company Name The United India Insurance Co Ltd Involvement Type Target
Company Overview
United India Insurance Company Limited (UIIC) is a general insurance provider. It offers a range of personal and
commercial general insurance products. The company offers personal insurance products for motor, fire, health, liability,
micro, credit, marine, home, personal accident, and travel. Its commercial insurance products include fire insurance,
marine insurance, motor insurance and industry equipment insurance. It also offers accident and hospitalization policies,
social policies, rural policies, travel policies, package policies, and business policies. In addition, the company provides
advisory and brokerage services. It has presence across various cities in India. UIIC is headquartered at Chennai, India.
The company reported gross premium income of INR160,628.1 million during fiscal year ended March 2017(FY2017), an
increase of 31.1% over FY2016. The net earned premium of the company was INR120,323.1 million in FY2017, an
increase of 20% over FY2016.
Company Name The Oriental Insurance Company Ltd. Involvement Type Target
Company Overview
The Oriental Insurance Company Ltd. (Oriental Insurance), a wholly owned subsidiary of Oriental Government Security
Life Assurance Company Ltd, provides various general insurance services in the urban and rural sectors in India. The
company designs insurance coverage for projects, including power plants, petrochemical, steel and chemical plants
among otehrs. Oriental Insurance offers motor insurance policies, personal accident policy, Janata personal accident
policy, shopkeeper policy, householder policy, Nagarik suraksha policy and health insaurance policies among others. It
operates in across India and also has overseas operations in Nepal, Kuwait and Dubai. Oriental Insurance is
___________________________________________________________________________________________
572
__________________________________________________________________________________________
State Bank of Hyderabad Signs Memorandum of Understanding with National Insurance

Deal Type Partnership Deal Sub Type Affinity Marketing
Deal Status Completed Announced Date 2015-05-05
Deal in Brief
State Bank of Hyderabad, a provider of commercial banking services, has signed a memorandum of understanding with
National Insurance Company Limited for extending Pradhan Mantri Surakhsa Bima Yojana to its account holders. Both
companies involved in the transaction are based in India.
National Insurance Company is a provider of general insurance products and services.
The Pradhan Mantri Surakhsa Bima Yojana is available across all its 1,821 branches at a cost of INR12 (USD0.18) per
policy per year. All the savings bank account holders in the age group of 18-70 years are eligible to join the Pradhan
Mantri Surakhsa Bima Yojana to avail of a risk cover of INR0.2 million (USD0.003 million).

Company Name State Bank of Hyderabad Involvement Type Target
Company Overview
State Bank of Hyderabad (SBH), a subsidiary of State Bank of India, provides banking and financial services. The bank
operates through four segments: Treasury Operations, Corporate, Retail Banking and Other Banking Operations. SBH
offers a variety of personal banking services, agriculture banking services, NRI (non-resident Indian) banking services,
and micro, small and medium enterprise (MSME) banking services. The bank primarily operates in India, where it is
headquartered in Hyderabad.
___________________________________________________________________________________________
573
__________________________________________________________________________________________
3 National Insurance Company Ltd - Key Events
Table 2: National Insurance Company Ltd - Key Events

Year Event type Description
2017 Divestiture In January, Government of India sold 25% stake in National Insurance.
The company signed a memorandum of understanding with State Bank of

2015 Contracts/Agreements Hyderabad to implement Pradhan Mantri Suraksha Bima Yojana insurance
scheme.
1906 Incorporation/Establishment The company was incorporated.
Source: Timetric
___________________________________________________________________________________________
574
__________________________________________________________________________________________
4 National Insurance Company Ltd - Key Employees
Table 3: National Insurance Company Ltd - Key Employees
Name Job Title Board Level
A K Acharya General Manager Senior Management
Arun Kaul Director Non Executive Board
Bhumika Verma Director, Deputy Director-Department Executive Board
Bibhuti Bhusan Mishra Director Non Executive Board
Dilbagh Singh General Manager Senior Management
Gope Panikkar General Manager Senior Management
Indu Sharma General Manager Senior Management
J. Sengupta Deputy General Manager Senior Management
John Pulinthanam Director, General Manager Executive Board
K Narayanan Deputy General Manager Senior Management
K Sanath Kumar Managing Director, Chairman Executive Board
K.B. Vijay Srinivas General Manager Senior Management
M Vasantha Krishna Director, General Manager Executive Board
P. Vijaya Kumar Deputy General Manager Senior Management
P.C.Subudhi Deputy General Manager Senior Management
Ravi Krishan Takkar Director, Managing Director Executive Board
Sashikala Muralidharan General Manager Senior Management
Sivaraman Mahadevan Director Non Executive Board
Sudhakar Pahi Director Non Executive Board
Vijay Walia General Manager, Chief Visionary Officer Senior Management
Source: Timetric
___________________________________________________________________________________________
575
__________________________________________________________________________________________
5 National Insurance Company Ltd - Locations and

Subsidiaries
5.1 National Insurance Company Ltd - Head Office

Kolkata
Zip: 700071
India
Tel: + 91 22 831705
Fax: + 91 22 831740
5.2 National Insurance Company Ltd - Other Locations and Subsidiaries
Table 4: National Insurance Company Ltd - Locations
Second and Third Floor

First Floor
Lohia Mansio, G. S. Road, Bhangagarh
Jubilee Building, Nampally Station Road
Guwahati
Hyderabad
Zip: 781005
Zip: 500001
India
India
Tel: + 91 8942 222564
Fax: + 91 8942 252906
2nd Floor
Second Floor
Shubharam Complex, 144 M G Road-908
Arihant Plaza, Kusugal Road
Bangalore
Dharwad
Zip: 90880
Zip: 58002
India
India
Tel: + 91 80 25584081
Fax: + 91 80 25584506
1092-2, New Extension, Near Dome Light Circle SCO 41-43, Sector, 31/32 A, Gurgaon
Kolar Gurgaon
Zip: 563101 Zip: 122001
India India
___________________________________________________________________________________________
576
__________________________________________________________________________________________
Table 4: National Insurance Company Ltd - Locations
32, Community Centre 21 Dariya Ganj

Naraina Delhi
Zip: 110028 Zip: 110002
India India
Fax: + 91 23 281650
302, N N Mall, Sector 3, Rohini

New Delhi
Zip: 110085
India
Source: Annual Report, Company Website, Primary and Secondary Research
___________________________________________________________________________________________
577
__________________________________________________________________________________________
6 Appendix
6.1 Methodology
Timetric company reports are based on a core set of research techniques which ensure the best possible level of quality
and accuracy of data. The key sources used include:
• Company Websites
• Company Annual Reports
• SEC Filings
• Press Releases
• Proprietary Databases
Notes
• Financial information of the company is taken from the most recently published annual reports or SEC filings
• The financial and operational data reported for the company is as per the industry defined standards
• Revenue converted to US$ at average annual conversion rate as of fiscal year end
6.2 Disclaimer
All Rights Reserved
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Timetric.
The data and analysis within this report is driven by Timetric from its own primary and secondary research of public and
proprietary sources and does not necessarily represent the views of the company profiled.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the
findings, conclusions and recommendations that Timetric delivers will be based on information gathered in good faith from
both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Timetric can
accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
___________________________________________________________________________________________
578
The United India Insurance Co Ltd
__________________________________________________________________________________________
Key Employees
Name Job Title
Anitha Rajaram Deputy General Manager

Fast Facts
Headquarters Address , Chennai, 600014, India B Balachandra Director, General Manager
B Rajaram Deputy General Manager

Telephone + 91 4428520161
General Manager, Chief
B. B. Dash
Financial Officer
Fax N/A
C.R.Vijayan General Manager
Ticker Symbol, Stock Exchange N/A

Company Overview
Number of Employees 16,167
United India Insurance Company Limited (UIIC)
Fiscal Year End March
is a general insurance provider. It offers a range
of personal and commercial general insurance
products. The company offers personal
Revenue (in US$ million) 3,364
insurance products for motor, fire, health,
liability, micro, credit, marine, home, personal
accident, and travel. Its commercial insurance
products include fire insurance, marine
insurance, motor insurance and industry
equipment insurance. It also offers accident and
SWOT Analysis hospitalization policies, social policies, rural
policies, travel policies, package policies, and
Strengths Weaknesses business policies. In addition, the company
provides advisory and brokerage services. It has
Distribution Network Combined Ratio presence across various cities in India. UIIC is
headquartered at Chennai, India.
Premium Earnings Profitability
Solvency Margin INR160,628.1 million during fiscal year ended
March 2017(FY2017), an increase of 31.1%
over FY2016. The net earned premium of the
Opportunities Threats company was INR120,323.1 million in FY2017,
an increase of 20% over FY2016.
Economy in India Changing Regulations
Non-Life Insurance segment Outlook Key Competitors

Competition
in India
Bajaj Allianz General Insurance Company Limited
Interest Rates
HDFC ERGO General Insurance Company Limited
ICICI Lombard General Insurance Company Limited
Royal Sundaram General Insurance Co. Limited
The Oriental Insurance Company Ltd.
___________________________________________________________________________________________
The United India Insurance Co Ltd - SWOT Profile Page 1
579
__________________________________________________________________________________________
TABLE OF CONTENTS
1 The United India Insurance Co Ltd - Business Analysis .............................................................................. 4
1.1 The United India Insurance Co Ltd - Company Overview .....................................................................................4
1.2 The United India Insurance Co Ltd - Business Description ...................................................................................4
1.2.1 Fire Insurance ....................................................................................................................................................4
1.2.2 Marine Insurance ...............................................................................................................................................4
1.2.3 Miscellaneous Insurance ...................................................................................................................................4
1.3 The United India Insurance Co Ltd - Major Products and Services .......................................................................5
2 The United India Insurance Co Ltd - Mergers & Acquisitions and Partnerships .......................................... 6
2.1 The United India Insurance Co Ltd - M&A and Partnerships Strategy ..................................................................6
3 The United India Insurance Co Ltd - Recent Developments ...................................................................... 10
4 The United India Insurance Co Ltd - SWOT Analysis ................................................................................ 12
4.1 The United India Insurance Co Ltd - SWOT Analysis - Overview .......................................................................12
4.2 The United India Insurance Co Ltd - Strengths....................................................................................................12
4.3 The United India Insurance Co Ltd - Weaknesses ..............................................................................................12
4.4 The United India Insurance Co Ltd - Opportunities..............................................................................................12
4.5 The United India Insurance Co Ltd - Threats .......................................................................................................13
5 The United India Insurance Co Ltd - Company Statement......................................................................... 14
6 The United India Insurance Co Ltd - History .............................................................................................. 15
7 The United India Insurance Co Ltd - Key Employees ................................................................................ 17
8 The United India Insurance Co Ltd - Locations and Subsidiaries .............................................................. 19
8.1 The United India Insurance Co Ltd - Head Office ................................................................................................19
8.2 The United India Insurance Co Ltd - Other Locations and Subsidiaries ..............................................................19
9 Appendix .................................................................................................................................................... 21
9.1 Methodology .........................................................................................................................................................21
9.2 Disclaimer.............................................................................................................................................................21
___________________________________________________________________________________________
580
__________________________________________________________________________________________
LIST OF TABLES
Table 1: The United India Insurance Co Ltd - Major Products and Services ...................................................... 5
Table 2: The United India Insurance Co Ltd - History ....................................................................................... 15
Table 3: The United India Insurance Co Ltd - Key Employees ......................................................................... 17
Table 4: The United India Insurance Co Ltd - Subsidiaries............................................................................... 19
Table 5: The United India Insurance Co Ltd - Locations ................................................................................... 19
___________________________________________________________________________________________
581
__________________________________________________________________________________________
1 The United India Insurance Co Ltd - Business Analysis
1.1 The United India Insurance Co Ltd - Company Overview
United India Insurance Company Limited (UIIC) is a general insurance provider. It offers a range of personal and
commercial general insurance products. The company offers personal insurance products for motor, fire, health, liability,
micro, credit, marine, home, personal accident, and travel. Its commercial insurance products include fire insurance,
marine insurance, motor insurance and industry equipment insurance. It also offers accident and hospitalization policies,
social policies, rural policies, travel policies, package policies, and business policies. In addition, the company provides
advisory and brokerage services. It has presence across various cities in India. UIIC is headquartered at Chennai, India.
The company reported gross premium income of INR160,628.1 million during fiscal year ended March 2017(FY2017), an
increase of 31.1% over FY2016. The net earned premium of the company was INR120,323.1 million in FY2017, an
increase of 20% over FY2016.
1.2 The United India Insurance Co Ltd - Business Description
United India Insurance Company Limited (UIIC) offers a range of personal and commercial general insurance products.
The company markets and sells its products through a network of offices, agents, brokers, corporate agencies, and
bancassurance and online channel. As on March 31, 2017, the company operated through 2,129 offices across India.
The company classifies its operations into three segments: Marine Insurance, Fire Insurance, and Miscellaneous
operations.
1.2.1 Fire Insurance
Overview
Offers standard fire and special perils policies and fire loss of profit policies.
1.2.2 Marine Insurance
Overview
Offers marine cargo and marine hull insurance.
1.2.3 Miscellaneous Insurance
Overview
Offers motor insurance, health insurance, and public and product liability policies.
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1.3 The United India Insurance Co Ltd - Major Products and Services
UIIC is a general insurance company that provides personal and commercial insurance products. The company's key
products include:
Table 1: The United India Insurance Co Ltd - Major Products and Services
Products:
Motor Insurance
Fire Insurance
Health Insurance
Marine Insurance
Industrial Insurance
Liability Insurance
Micro Insurance
Credit Insurance
Home Insurance
Personal Accident Insurance
Travel Insurance
Source: Timetric
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2 The United India Insurance Co Ltd - Mergers & Acquisitions

and Partnerships
2.1 The United India Insurance Co Ltd - M&A and Partnerships Strategy
Oriental Insurance Company and National Insurance to Merge with United India Insurance
Deal Type Merger Deal Sub Type
Deal Status Announced Announced Date 2018-02-01
Deal in Brief
Oriental Insurance Company Ltd., a provider of general insurance services, and National Insurance Company Limited., a
provider of general insurance for urban and rural customers, to merge with United India Insurance Co. Ltd., a provider of
non-life insurance products and services. All the companies are based in India.

Company Name National Insurance Company Ltd Involvement Type Target
Company Overview
National Insurance Company Ltd (NIC), a subsidiary of India based General Insurance Corp of India, is a general
insurance company. The company’s products portfolio includes motor insurance, health insurance, rural insurance,
commercial insurance, and industrial insurance. Its personal insurance products include individual personal accident
insurance, householder’s insurance, and Janata personal accident insurance. NIC’s rural insurance products comprise
livestock insurance, sheep and goat insurance, elephant insurance, dog insurance, brackish water prawn insurance,
silkworm insurance, plantation insurance, and Kisan agriculture pumpset insurance. The company also offers industrial
risk insurance, machinery insurance, electronic equipment insurance, commercial risk insurance, workmen compensation
insurance, product liability insurance, and public liability insurance. It has operations in Guwahati, Hyderabad, Bangalore,
Dharwad, Kolar, Gurgaon, Delhi, and Naraina, India. NIC is headquartered in Kolkata, West Bengal, India.
Company Name The Oriental Insurance Company Ltd. Involvement Type Target
Company Overview
The Oriental Insurance Company Ltd. (Oriental Insurance), a wholly owned subsidiary of Oriental Government Security
Life Assurance Company Ltd, provides various general insurance services in the urban and rural sectors in India. The
company designs insurance coverage for projects, including power plants, petrochemical, steel and chemical plants
among otehrs. Oriental Insurance offers motor insurance policies, personal accident policy, Janata personal accident
policy, shopkeeper policy, householder policy, Nagarik suraksha policy and health insaurance policies among others. It
operates in across India and also has overseas operations in Nepal, Kuwait and Dubai. Oriental Insurance is
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Kerala Gramin Bank Signs MoU with United India Insurance Company
Deal in Brief
Kerala Gramin Bank, a regional rural bank that provides deposits and loans, has signed a memorandum of understanding
(MoU) with United India Insurance Company Limited (UIIC), a general insurance company, to provide life and accidental
insurance cover to all its Savings account holders under Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) and
Pradhan Mantri Suraksha Bima Yojana (PMSBY). Both companies involved in the transaction are based in India.
PMJBY is a life insurance scheme provides insurance cover for death due to any reason, while PMSBY is the personal
accident insurance scheme provides insurance cover for death or disability due to accident.
PMJBY offers life insurance cover of INR0.2 million (USD0.0032 million) to the bank account holders in the age group of
18-50 years at an annual premium of INR330 (USD5.27) plus service tax, whereas PMSBY cover of INR0.2 million
(USD0.00314 million) to the bank account holders in the age group of 18-70 years at an annual premium of INR12
(USD0.18).

Company Name Kerala Gramin Bank Involvement Type Target
Company Overview
Kerala Gramin Bank is a regional rural bank. The main focus of the bank is to initiate appropriate intervention for overall
economic upliftment of the people of Kerala by giving financial assistance to the sectors like Agriculture, Micro, Small and
Medium Enterprises, education, housing, micro-credit, weaker sections, SC/ST communities etc.
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Dena Bank Signs MoU with United India Insurance Company

Deal in Brief
Dena Bank, a provider of corporate banking products and services, has signed a memorandum of understanding (MoU)
with United India Insurance Company Limited (UIIC) to provide accidental insurance cover to all its Savings account
holders under Pradhan Mantri Suraksha Bima Yojana (PMSBY). Both companies involved in the transaction are based in
India.
UIIC is a general insurance company, while PMSBY is the personal accident insurance scheme provides insurance cover
for death or disability due to accident.
PMSBY offers insurance cover of INR0.2 million (USD0.00314 million) to the bank account holders in the age group of 18-
70 years at an annual premium of INR12 (USD0.18).

Company Name Dena Bank Involvement Type Target
Company Overview
Dena Bank (the bank) is an Indian public sector bank engaged in providing banking and related financial services. It offers
deposit accounts, loans, debit cards, and public provident fund (ppf) accounts. The bank provides services such as loan
syndication, channel financing, corporate finance, dividend / interest warrant payments, insurance products, retail/deposit
products, forex transactions, acceptance of taxes and cash management services. The bank also provides specific
schemes for educational institutions, builders, hospitals, hotels and restaurants, and entertainment sectors. Additionally it
offers export services, import services, correspondent banking, authorised dealer branches and remittances. The bank is
headquartered in Mumbai, Maharastra, India.
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Vijaya Bank partners with United India Insurance to sell non-life insurance products
Deal Type Partnership Deal Sub Type Co-Marketing
Deal in Brief
Vijaya Bank, a provider of wholesale, corporate, and retail banking products and services, has entered into a
memorandum of understanding (MoU) with The United India Insurance Company Limited (UIIC), a general insurance
provider, for distribution of non-life insurance products. Both companies involved in the transaction are based in India.
Undfer the terms of the transaction, Vijaya Bank will distribute general insurance policies through its over 1,200 branches.
Vijaya Bank provides a wide range of banking products and services for individual and corporate customers. Its portfolio
of products and services includes credit cards, debit cards, NRI services, savings bank accounts, current accounts,
recurring deposits, capital gains schemes, tax savings schemes, home loans, vehicle loans, loan against property,
personal loans, education loans, online retail loans, NRE and NRO accounts, loan for traders and jewel loans.
United India offers a range of personal and commercial general insurance products.
Company Name Vijaya Bank Involvement Type Target
Company Overview
Vijaya Bank (VB) is a provider of retail and commercial banking, and treasury solutions. Its deposits and cards portfolio
includes savings bank accounts, current accounts, recurring deposits, fixed deposits, term deposits, non-resident rupee
accounts, resident ordinary rupee accounts, credit cards, gift cards, and debit cards. IThe bank provides lending solutions
for home, personal needs, education, online retail, jewelry, corporate, vehicle, property, securities, and trading,. It also
offers government sponsored schemes such as Prime Minister’s Employment Generation Programme, Deen Dayal
Antyodaya National Urban Livelihood, and Self Employment scheme for Rehabilitation of Manual Scavengers. The bank
also provides services such as NRI services, international banking, treasury, foreign exchange, mobile banking, and
remittance. VB is headquartered in Bangalore, India.
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3 The United India Insurance Co Ltd - Recent Developments
Indian Extension For Aqualis Offshore
Date : 25 May 2016
United India Insurance Company has reappointed Aqualis Offshore to provide marine warranty services to the Oil and
Natural Gas Corporation Limited’s (ONGC) assets offshore India.This is the third one-year contract Aqualis Offshore has
received after the company first started working for United India Insurance Company and ONGC in 2014.Under the
agreement, Aqualis Offshore will continue to provide marine warranty services to ONGC's fleet of jack-up rigs and mobile
offshore production units (MOPU) in Indian waters."A contract extension such as this is the best possible confirmation that
a client is satisfied with the services we provide. We look forward to continue supporting ONGC and its many assets
operating offshore India," says Rodger Dickson, group marine director in Aqualis Offshore.Aqualis Offshore will support
ONGC with marine warranty surveyors from Aqualis Offshore's office in Dubai. The operations include review of rig move
documentation, issue of certification and on-board attendance.
Aqualis Offshore Signs Contract With ONGC
Date : 12 Jun 2015
Aqualis Offshore, part of Aqualis ASA, has been reappointed by United India Insurance Company to provide marine
warranty services to the Oil and Natural Gas Corporation Limited (ONGC) offshore India.Under the agreement,
international offshore marine and engineering consultancy Aqualis Offshore will provide marine warranty services to
ONGC's fleet of six jack-up rigs and three mobile offshore production units (MOPU) in Indian waters."We are proud to
announce this agreement with ONGC, the leading Indian energy company. We started working with ONCG last year, so
we believe this agreement confirms our capability and ability to deliver world-class services to a major offshore oil
company," says Reuben Segal, Director - Middle East, Aqualis Offshore.Aqualis Offshore will support ONGC with marine
warranty surveyors from Aqualis Offshore's office in Dubai. The operations include review of rig move documentation,
issue of certification and on-board attendance.Aqualis Offshore is a specialized marine and offshore engineering
consultancy focusing on the shallow and deep-water segments of the offshore oil, gas and wind industries.Aqualis
Offshore's contract party is Aqualis Offshore Marine Services LLC.
UBI, Dena Bank partner with insurers
Date : 22 Apr 2015
Union Bank of India (UBI) has joined forces with Star Union Dai-ichi Life Insurance and New India Assurance for offering
life and accidental death insurance policies respectively to its account-holders.The yearly premium for the life cover will be
INR330, and the annual premium for the accidental death cover will be INR12.The premium amount will be debited
directly from savings accounts of customers after they opt for it.Both the policies will offer assured sum of INR2 lakh each
to accountholders between the age-group 18 to 50 years.The policies will be offered under the Pradhan Mantri Jeevan
Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMJJBY) schemes. Customers will be allowed
to voluntarily opt for these schemes after paying the applicable premium.Moreover, Dena Bank has tied up with United
India Insurance to offer accidental insurance cover under the Prime Minister's Pradhan Mantri Suraksha Bima Yojana
(PMSBY).The cover, effective from 1 June 2015, will cover risk of INR2 lakh for accidental death and full disability and
INR1 lakh for partial disability.It will have a yearly premium of INR12, which will be auto-debited from the policy holder's
account. The cover will be available to all savings account holders of the bank between 18 to 70 years.
United India Insurance posts Rs.229 crores net profit for first quarter 2014-15
Date : 08 Aug 2014
United India Insurance Company, wholly owned by Government of India, has reported a healthy premium of ` 2,729 Crs.
for the first quarter ended 30th June, 2014, posting a growth rate of over 11%.The company has also reported an
impressive first Quarter (Q1) Profit After Tax (PAT) of ` 228.76 Crs., as against a PAT of ` 210.76 Crs. last year.The
Investment income of the company for the first Quarter stood at over ` 531 Crs. as against ` 447 Crs. for the
corresponding period in the previous year. The company, through efficient claims management, was able to reduce the
claims ratio from 83.27% to 81.95% during Q1. The Combined ratio (a measure of the profitability of insurance operations)
was reduced to 111.65% from 116.10% for 2013-14. The Market value of the company's total investment portfolio at the
end of the first quarter was ` 24,155 Crores, up by 12% over the end of last year. The networth of the company stood at a
robust ` 5,589 Crores as on 30.06.2014.The company continues to enjoy strong fundamentals with a solvency ratio of
2.60 as against the regulatory requirement of 1.50. ICRA has accorded iAAA rating for the 12th successive year to the
company, indicating its highest claim paying credentials. The company has also a rating of B++ (positive) from AM Best,
an International Rating Agency. The Q1 results show that the company's strategies are yielding the desired results and
the company is optimistic to comfortably complete a premium of ` 11,000 Crores in the current fiscal.The company would
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continue its thrust on the retail, MSME and rural insurance segments. The company is efficiently managing the mammoth
TN Chief Minister's Health Insurance Scheme for BPL families. The company also secured the mandate to implement the
TN Government Pensioners' Health Insurance Scheme in the current year.The company will continue to launch initiatives
to further the insurance inclusion in the Country by opening 200 Micro Offices in tier 4 towns and below, taking the total of
such offices to 1,314. The company has 66,500 agents and plans to take it to 80,000 by the year end. Of this, there are
193 micro insurance agents who take general insurance to the door step of common man in the rural areas. The company
has 51 Bancassurance tie-ups which includes many major nationalized banks. The company has tied up with 100 BCs
and 2,624 BCAs as on date. The company will leverage the Common Service Centres (CSCs) to deliver simple, retail
general insurance products in rural areas.The company continues to innovate on product offerings by recently launching a
revised and improved Family Medicare product with an unique "remote medical opinion" benefit. The company has on-line
customer portals in respect of 8 retail insurance products (Motor, Health, PA, OMP, House holders, Shopkeeper, Crop
insurance and Marine Insurance Open cover). On-line portal facilities have also been extended to our business
intermediaries like agents, motor dealers, bancassurance partners etc. The company has successfully deployed mobile
insurance applications and insurance kiosks to facilitate easy access to buy insurance for the customers.The company
plans to recruit 300 Officers and 630 Assistants during the current year to meet the growing customer service
requirements.The company maintains a robust solvency margin, which displays its strong and inherent fundamentals, and
continues to be in a premier position in rural and social insurance sector and thereby contributing to the insurance
inclusion in the Country.
United India Insurance clocks RS 9709 crores premium and posts RS 528 crores net profit
Date : 28 Apr 2014
United India Insurance Company continued to report improved performance, for the year ending 2013-14 by reporting an
impressive Profit Before Tax (PBT) of `633 Crores and a Profit After Tax (PAT) of over`528 Crores.The Company could
reduce the claims ratio to 82.56% for the year against 84.61% in 2012-13 thanks to better underwriting practices and
claims control measures deployed, this was despite the Uttarakhand flood losses. The Market Value of the Company's
total investment portfolio at the end of the year was 21545 Crores as against 19950 Crores last year, the investment
income stood at 1857 Crores. The networth of the Company grew to a robust 5361 crores from 4952.63 Crores last
year.The Company continues to enjoy strong fundamentals with a Solvency Ratio of 2.54 as against the Regulatory
requirement of 1.50. ICRA has accorded iAAA rating for the 11th successive year to the Company, indicating its highest
claim paying credentials. The Company has also secured a rating of B++(Positive) from AM Best, an International Rating
Agency. The results show that the Company's strategies are yielding the desired results. The Company is optimistic to
cross `11,000 Crores premium in the current fiscal.The Company has a network of 2242offices including 1114 micro
offices in remote locations, with a staff strength of 16907. The Company has 66500 agents and plans to take it to 80000
this year. In addition to this there are 193 micro insurance agents who take general insurance to the doorstep of common
man in the rural areas. The Company has the largest bancassurance tie-up with major nationalized and other banks. The
Company has also tied up with 16 BCs and 2624 BCAs as on date. Similarly, tie-up has been made with Common Service
Centres (CSCs) to deliver General Insurance Products in rural areas.The Company continues its thrust on the retail,
MSME and rural insurance segments. The Company is active in the roll-out of the Government of India's flagship health
Insurance programme for the BPL population (RSBY) and efficiently managing the mammoth Tamil Nadu Chief Minister's
Comprehensive Health Insurance Scheme for BPL families.The Company has developed online portals for 8 retail
insurance products (Motor, Health, PA, OMP, House holders, Shopkeeper, Crop Insurance and Marine Insurance Open
cover). Online portal facilities have also been extended to business intermediaries like agents, motor dealers,
bancassurance partners, brokers, etc. The Company has a wide spectrum of general insurance products offerings totaling
235, to meet the various requirements of the insuring public.
Source: Timetric
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4 The United India Insurance Co Ltd - SWOT Analysis
4.1 The United India Insurance Co Ltd - SWOT Analysis - Overview
The United India Insurance Co Ltd (UIIC) is a general insurance company, which provides personal and commercial
general insurance products. The company’s premium earnings, portfolio of products, and solvency margin are its key
strengths, even as its combined ratio and cash position remain areas of concern. In future, interest rates, natural
calamities, and regulation may affect the company’s business operations. However, economy in India, business
expansion, and non-life insurance segment in India may provide growth opportunities for the company.
4.2 The United India Insurance Co Ltd - Strengths
Strengths - Solvency Margin
The company maintains a strong solvency margin and ratio reflecting its ability to meet all its long term obligations. During
FY2017, the company was required to maintain solvency margin of INR39,980.1 million in FY2017. the company reported
solvency margin of INR46,080.2 million, which was well above the minimum requirement. UIIC’s solvency margin was
1.15 times higher than the requirement in FY2017.
Strengths - Premium Earnings
Increase in premium earnings reflects growth in demand for the company’s offerings. The company reported strong
growth in premiums during FY2017. Its gross direct premium increased by 31.1% to INR160,628.1 million in FY2017 from
INR122,503.6 million in FY2016. Growth was primarily due to strong performance of Fire and Miscellaneous segments,
which reported 4.1% and 36.2% increase in gross direct premium in FY2017, respectively. It had a market share of 13.4%
in general insurance industry based on gross direct premium in FY2017. It recorded net earned premiums of
INR120,323.1 million in FY2017, an increase of 20% over FY2016.
Strengths - Distribution Network
The company’s strong distribution network helps in generating strong sales. UIIC markets and sells its products through a
network of offices, agents, brokers, corporate agencies, and bancassurance and online channel. As on March 31, 2017,
the company operated through 2,129 offices across India. In FY2017, the company had strengthened its bancassurance
channel through tie ups with one private bank, seven major banks, 20 Non Banking Finance Companies, 31 Gramin and
Cooperative Banks. Furthermore, the company plans to enter into agreements to sell insurance policies online.
4.3 The United India Insurance Co Ltd - Weaknesses
Weaknesses - Profitability
The company reported decline in profitably during FY2017, which is an area of concern. The company reported operating
loss of INR22,406.8 in FY2017 compared to INR5,126.1 million in FY2016. Its net loss was INR19,135.3 million in FY2017
compared to net income of INR2,205.9 million in FY2016. The reported losses was primarily due to increase in net claims
incurred, commission expenses, and operating expenses related to insurance business by 47.6%, 21.6%, and 5.3% in
FY2017, respectively. Its operating profit ratio and net earnings ratio declined from -4.6% and 2.1% in FY2016,
respectively, to -19.4% and -14.3% in FY2017, respectively.
Weaknesses - Combined Ratio
The company’s combined ratio in FY2017 reached above the level of 100%, which is a concern area. At the end of
FY2017, the combined ratio of the company stood at 134%, compared to 119.9% in FY2016. The combined ratio above
100% indicates that the company is making underwriting losses. The company reported underwriting loss of INR44,445.8
million in FY2017.
4.4 The United India Insurance Co Ltd - Opportunities
Opportunities - Economy in India
The company may benefit from the growing Indian economy. According to the International Monetary Fund (IMF), GDP
growth rate of India stood is expected to reach 7.4% in 2018 and 8.2% in 2022. Such economic growth is likely to enable
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favorable market conditions and encourage spending on housing finance products in the country. The growth is expected
to be driven by robust consumer demand from a general increase in wages that offsets a slowdown in investment.
Opportunities - Non-Life Insurance segment Outlook in India
Growth in the Indian non-life insurance segment will allow the company to capitalize on growing opportunities and cater to
diverse requirements of its customers. According to in- house research, the gross written premium of Indian non-life
insurance segment is expected to value INR1.3 trillion (US$18.1 billion) in 2020. The growth in non-life insurance segment
is expected to be driven by increasing automobile sales, growth in the real estate and construction industries, and
favorable regulatory changes.
4.5 The United India Insurance Co Ltd - Threats

Threats - Competition
UIIC operates in an intensely competitive Indian insurance market, which may adversely affect its market share and
profits. The company competes with various insurance companies based on the factors such as premiums charged and
other terms and conditions offered, products and services provided, financial ratings assigned by independent rating
agencies, speed of claims payment, reputation, selling effort, perceived financial strength and the experience of the
insurer or reinsurer in the line of insurance or reinsurance to be written. Some of the major competitors of the company
include Bajaj Allianz General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Royal
Sundaram General Insurance Co. Limited, The Oriental Insurance Company Ltd, and HDFC ERGO General Insurance
Company Limited.
Threats - Changing Regulations
The company’s businesses are regulated by various governmental and regulatory authorities. Changes in government
policy, legislation or regulatory interpretation may adversely affect the company’s product range, distribution channels,
capital requirements and, consequently, reported results and financing requirements. These changes include possible
changes in statutory pension arrangements and policies, the regulation of selling practices and solvency requirements.
The Indian insurance industry is supervised and regulated by the Insurance Regulatory and Development Authority of
India (IRDAI). The recent changes made in insurance regulatory framework in March 2017 include issuance of guidelines
on claim processing for group life insurance policies for new categories of master policyholders, and introduction of two
panels of actuaries for life insurers and non-life insurers. In January 2017, IRDAI established a committee to review
regulations governing life insurance products. Thus, the changes in government policies and regulations may have a
negative impact on the company’s growth and expansion strategies.
Threats - Interest Rates
Fluctuations in interest rates may have an adverse effect on the company’s profitability. The company’s investment
portfolio contains interest rate-sensitive investments, such as municipal and corporate bonds. Interest rates are highly
sensitive to monetary policies of government, domestic and international economic and political conditions, and other
factors beyond the company’s control. Such volatile interest rates may impact the company’s operating performance, as
its income and investment returns depend on the level of interest rates.
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5 The United India Insurance Co Ltd - Company Statement

A statement by Mr. M.N. Sarma, the Chairman and Managing Director of the company is given below. The following
statement has been taken from the company’s 2017 annual report.
During 2016-17, we retained our position in the Industry on premium terms, collecting a record premium of 16,062 Crores
with a growth rate of 31%. The year saw our foray into new segments like Crop Insurance. There was growth in Gross
Direct Premium across all segments. However, the financials were a cause for concern. The Top Management of the
Company is confident about restoring past glory of the Company within the next 12 months. The Company has its
strength in its 16500 + human resources, 60000 + Agency force and a lot of other business partners and associates
spread across the Country, selling non-life insurance in the hinterlands of this great Country. The strategy laid down by
the Management together with disciplined execution by all our employees, particularly the marketing force, is bound to
achieve growth of business in profitable lines of business. This, together with faster and better claims management and
proactive and goal oriented management of our Investment Resources, would certainly help us achieve 'Growth with
Profit', the need of the hour.
We are also working on development of new products to meet our customer needs better and on the Government of
India's financial inclusion objectives. Leveraging all the new distribution channels is certainly the way forward.
I place my sincere appreciation and gratitude to the Board of Directors and the Regulatory Authority for the guidance and
support received from them. I also wish to place on record my gratitude to our customers, employees, business
intermediaries and vendors for their continued support. All these facilitated our Company to deliver credible operational
performance, under challenging circumstances, as also deliver excellence in customer service. With our resolve to adhere
to prudent underwriting and efficient claims management, I look forward to the next financial year with great optimism.
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6 The United India Insurance Co Ltd - History
Table 2: The United India Insurance Co Ltd - History

The company received approval for the point of sale distribution of ten new
2017 New Product Approvals
products.
In March, the company was honored with Vigilance Excellence Award 2016-17
2017 Corporate Awards
by the Institute of Public Enterprises, Hyderabad.
2016 New Products/Services In September, the company launched its online portal for individuals.
The company implemented a crop insurance scheme in Bihar, Rajasthan,

2016 New Products/Services
Odisha, West Bengal, Karnataka, Kerala, Gujarat, and Puducherry.
In May, the company reappointed Aqualis to offer marine warranty services to

2016 Contracts/Agreements
the Oil and Natural Gas Corporation Limited’s assets offshore India.
The company launched four new policies, UNI MSME Protect Insurance Policy,
2015 New Products/Services UNI EXECUTIVE PROTECT-Directors and Officers, Uni Product Liability –
Insurance and Shopkeepers Insurance Policy.
The company and Life Insurance Corporation of India entered into a

memorandums of understanding with Kerala Gramin Bank to provide life and
accident insurance covers for all the savings account holders under the‘Pradhan
Mantri Jeevan Jyoti Bima Yojana’ and Pradhan Mantri Suraksha Bima Yojana.
The company and Star Union Dai-Ichi Life New India Insurance entered into an
2015 Contracts/Agreements agreement with Dena Bank and Union Bank of India to provide accidental
insurance cover under the social schemes.
2014 Corporate Changes/Expansions The company opened two new regional offices in Raipur and Puducherry.
2014 Corporate Changes/Expansions The company opened 162 micro offices in the country.
The company established 15 micro insurance cells in the country to promote

2014 Corporate Changes/Expansions
Micro insurance business.
United India Insurance received two Finnoviti Awards in recognition of its two
2012 Corporate Awards innovations in financial services sector in the Finnoviti 2012 Awards Ceremony
by banking frontiers, Glocalinfomart Pvt. Ltd.
The company was awarded ‘General Insurer of the Year–Public Sector’ for the
second consecutive year by Bloomberg UTV.
The company won the General Insurer of the year Award – Public Sector by
Bloomberg UTV at the Financial Leadership Awards 2011.
The company entered into an agreement with Dena Bank for marketing the
general insurance policies through their branches.
The company signed a memorandum of understanding (MoU) with Vijaya Bank

for the distribution of general insurance products.
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Table 2: The United India Insurance Co Ltd - History

The company was named as the 'Best Insurer-Non-Life' at the 3rd Dalal Street
Investment Journal PSU Awards 2011.
2011 Corporate Awards The company received the 'SKOCH Financial Inclusion Award 2011'.
The company was awarded the Best Non-Life Insurer by NDTV Profit - Business
Leadership Awards 2010.
The company signed agreement with LICHFL Financial Services ltd, to distribute
the non life products of UIIC.
The company was selected as one of the top three general insurance companies
at the 14th Asia Insurance Industry Awards 2010.
The company opened four large corporate cells in Pune, Kolkata, Hyderabad
2009 Corporate Changes/Expansions
and Bengaluru to continue its foray into large corporate business.
The company and The Export Credit Guarantee Corporation of India Ltd. signed
an agreement to provide marine insurance cover for its customers.
The company launched three new health insurance policies under the name of
2007 New Products/Services
Platinum, Gold and Senior Citizens.
2007 Corporate Awards UIIC received best implemented IT projects award from PCQuest.
The company signed a seven-year agreement with Hewlett Packard to

implement a complete turnkey solution for core insurance.
UIIC along with the National Insurance Company, and New India Insurance
2000 Others
Company operated as a subsidiary of General Insurance Company.
1972 Commercial Operation The company's General Insurance Business was nationalized.
The general insurance operations of Life Insurance Corporation of India southern

1972 Acquisitions/Mergers/Takeovers
region were merged with United India Insurance.
Twelve Indian Insurance Companies, four cooperative insurance societies and

1972 Acquisitions/Mergers/Takeovers Indian operations of five foreign insurers were merged with United India
Insurance Company Limited.
1938 Incorporation/Establishment The United India Insurance Company Limited was incorporated.
Source: Timetric
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7 The United India Insurance Co Ltd - Key Employees
Table 3: The United India Insurance Co Ltd - Key Employees
Name Job Title Board Level Since
Anitha Rajaram Deputy General Manager Senior Management
B Balachandra Director, General Manager Executive Board
B Rajaram Deputy General Manager Senior Management
B. B. Dash General Manager, Chief Financial Officer Senior Management 2016
C.R.Vijayan General Manager Senior Management
D Nagalakshmi Deputy General Manager Senior Management
D T V Sastri General Manager Senior Management 2017
Gauri Venkatesan Deputy General Manager Senior Management
K Nandakumar Deputy General Manager, Chief Risk Officer Senior Management
K. Govindarajan Chief Marketing Officer, General Manager Senior Management 2017
M Shahul Hameed Deputy General Manager Senior Management
M.N. Sarma Managing Director, Chairman Executive Board 2017
Madnesh Kumar Mishra Director, Joint Secretary Executive Board
P. Hemamalini Director, General Manager Executive Board
Parijat Dutta Director Non Executive Board
R A Sankara Narayanan Director Non Executive Board
R Balaji Deputy General Manager Senior Management
R C Agrawal Deputy General Manager Senior Management
R Hariharan Deputy General Manager Senior Management
Rajamohan Bhavaraju General Manager Senior Management
S Ramadoss Deputy General Manager Senior Management
S V Venkatesh Murthy Deputy General Manager Senior Management
___________________________________________________________________________________________
595
__________________________________________________________________________________________
Table 3: The United India Insurance Co Ltd - Key Employees
Name Job Title Board Level Since
Sindhu Pillai Director Non Executive Board
Siva Prasad Petla Deputy General Manager Senior Management
Sukesini Ramaswamy Deputy General Manager Senior Management
V K Ramchander Deputy General Manager Senior Management
V Subbulakshmi Appointed Actuary Senior Management
V. Sundaresan Chief Vigilance Officer Senior Management 2017
Venkataraman S Secretary - Company Senior Management
Source: Timetric
___________________________________________________________________________________________
596
__________________________________________________________________________________________
8 The United India Insurance Co Ltd - Locations and

Subsidiaries
8.1 The United India Insurance Co Ltd - Head Office

Chennai
Zip: 600014
India
Tel: + 91 4428520161
8.2 The United India Insurance Co Ltd - Other Locations and Subsidiaries
Table 4: The United India Insurance Co Ltd - Subsidiaries
Zenith Investments and Securities Limited

Mehta House
Samachar Marg
Mumbai
India
Source: Timetric
Table 5: The United India Insurance Co Ltd - Locations
Silingi Buildings SCO No.123-124

134, Greams Road Sector 17-B
Chennai Chandigarh
Zip: 600006 Zip: 160008
India India
Tel: + 91 44 28293933 Tel: + 91 172 2716339
Fax: + 91 44 28293639 Fax: + 91 172 2711483
No.3, Enkay Complex, I Floor Krishi Bhavan, 5th and 6th Floor
Keshwapur Nrupathunga Road
Hubli Banglore
Zip: 560023 Zip: 560001
India India
Tel: + 91 836 2264460 Tel: + 91 80 22534011
Fax: + 91 836 2366983 Fax: + 91 80 22534024
___________________________________________________________________________________________
597
__________________________________________________________________________________________
Table 5: The United India Insurance Co Ltd - Locations
Arif Chambers,1 6th floor, United India Bhawan

Kaporthala Bagh Complex Nr. Income-Tax Circle, Ashram Road
Lucknow Ahmedabad
Zip: 226020 Zip: 380014
India India
Tel: + 91 522 2327043 Tel: + 91 79 27544711
Fax: + 91 522 2327061 Fax: + 91 79 27544718
136, Feroze Gandhi Market 3-5-817 & 818, P.B.No:1020

P.B.No:352 United India Towers, Basheerbag
Ludhiana Hyderabad
Zip: 141001 Zip: 500029
India India
Tel: + 91 161 5030736 Tel: + 91 40 23236367
Fax: + 91 161 2773084 Fax: + 91 40 23231847
Chibbar House, Floor No.1

364-367 Dr.Nanjappa Road
G.S.Road
Coimbatore
Guwahati
Zip: 641018
Zip: 781005
India
India
Tel: + 91 422 2239709
Tel: + 91 361 2341577
Fax: + 91 422 2230402
Fax: + 91 361 2340606
Source: Annual Report, Company Website, Primary and Secondary Research
___________________________________________________________________________________________
598
__________________________________________________________________________________________
9 Appendix
9.1 Methodology
Timetric company reports are based on a core set of research techniques which ensure the best possible level of quality
and accuracy of data. The key sources used include:
• Company Websites
• Company Annual Reports
• SEC Filings
• Press Releases
• Proprietary Databases
Notes
• Financial information of the company is taken from the most recently published annual reports or SEC filings
• The financial and operational data reported for the company is as per the industry defined standards
• Revenue converted to US$ at average annual conversion rate as of fiscal year end
9.2 Disclaimer
All Rights Reserved
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Timetric.
The data and analysis within this report is driven by Timetric from its own primary and secondary research of public and
proprietary sources and does not necessarily represent the views of the company profiled.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the
findings, conclusions and recommendations that Timetric delivers will be based on information gathered in good faith from
both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Timetric can
accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
___________________________________________________________________________________________
599

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Table of Contents

Rpt. 62369890 EDELWEISS FINANCIAL SERVICES LTD 279 - 397

Rpt. 62371048 IFCI LTD 398 - 549

Rpt. 65642391 AGRICULTURE-HIGHLIGHTS FROM NABARD’S 3-YEARLY SURVEY 550 - 565

Rpt. 64756985 NATIONAL INSURANCE COMPANY LTD 566 - 578

Rpt. 64921245 UNITED INDIA INSURANCE CO LTD 579 - 599

These reports were compiled using a product of Thomson Reuters www.thomsonreuters.com

The United India Insurance Company Limited –

REFERENCE CODE: 5FD038C4-82CA-4015-BAEE-E3C3D5BC8917

COMPANY OVERVIEW AND KEY FACTS

THE UNITED INDIA INSURANCE COMPANY LIMITED

Address 24, Whites Road

State Tamil Nadu

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

Source: Financial Deals MARKETLINE Source: Financial Deals MARKETLINE

Deal type Volume Geography Volume

Source: Financial Deals MARKETLINE Source: Financial Deals MARKETLINE

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

TOP DEALS IN (2014 -YTD2018)

The United India Insurance Company Limited Private

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

COMPANY OVERVIEW AND KEY FACTS ............................................ 2

TABLE OF CONTENTS .......................................................................... 5

LIST OF TABLES .................................................................................... 6

LIST OF FIGURES .................................................................................. 6

TARGETS AND PARTNERS .................................................................. 7

MERGERS & ACQUISITIONS ................................................................ 8

Mergers and Acquisitions – Deal reports .......................................................................................... 9

CAPITAL RAISING ............................................................................... 21

Capital Raising – Deal reports .......................................................................................................... 22

Divestments – Deal reports ............................................................................................................... 51

About MarketLine Financial Deals Database ................................................................................... 66

Deal Definition and Methodology ..................................................................................................... 68

About MarketLine ............................................................................................................................... 75

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

TARGETS AND PARTNERS

The United India Insurance Company Limited-

National Insurance Company Limited (India) Feb 1, 2018 Merger -

The Oriental Insurance Company Ltd. (India) Feb 1, 2018 Merger -

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

MERGERS & ACQUISITIONS

Year Volume Value ($m) Geography Volume

2014 - - North America -

2017 - - Middle East and Africa -

2018 1 - South and Central America -

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

Mergers and Acquisitions – Deal reports

Upon completion, the merged entity will be listed in stock exchange.

Target 1 The Oriental Insurance Company Ltd.

Target 2 National Insurance Company Limited

Target 3 The United India Insurance Company Limited

Deal category Merger

Date of announcement Feb 01, 2018

Company information: Target

Target 1: The Oriental Insurance Company Ltd.

Company type Private

The Oriental Insurance Company (Oriental Insurance)

Financial Services-->General Insurance, Property and

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

Address Oriental House, A 25 27 Asaf Ali Road

City New Delhi

Phone number 91 11 43659595

Target 2: National Insurance Company Limited